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Manchester and Tullahoma doing well in Home Purchases

For much of the COVID-19 pandemic, favorable financial conditions for many middle and upper-income households have brought a rush of new homebuyers into the real estate market. In 2020 and 2021, increased savings rates and government stimulus allowed millions of people to pay down debts. These factors have helped prospective homebuyers improve on one of the key metrics that mortgage lenders consider.

Analysis found that in the Tullahoma-Manchester metro area, 38.0% of home purchase loans have a debt-to-income ratio over 36%, while 12.9% have a debt-to-income ratio over 43%. Here is a summary of the data for the Tullahoma-Manchester, TN metro area:

  • Share of home purchase loans with >36% DTI: 38.0%
  • Share of home purchase loans with >43% DTI: 12.9%
  • Home purchase loan approval rate for >36% DTI: 79.9%
  • Home purchase loan approval rate for >43% DTI: 62.8%
  • Home purchase loan approval rate for all loans: 86.2%
  • Median interest rate across all home purchase loans: 3.38%

For reference, here are the statistics for the entire United States:

  • Share of home purchase loans with >36% DTI: 44.0%
  • Share of home purchase loans with >43% DTI: 17.0%
  • Home purchase loan approval rate for >36% DTI: 82.3%
  • Home purchase loan approval rate for >43% DTI: 70.1%
  • Home purchase loan approval rate for all loans: 86.3%
  • Median interest rate across all home purchase loans: 3.25%
Lucky Knott

Lucky Knott

One of Southern Tennessee's most experienced and recognized news broadcasters and play-by-play sportscasters. Current General Manager Rooster 101.5 FM, 93.9 The Duck and Whiskey Country 105.1 and 95.9. He is currently the play-by-play voice of the Coffee County Red Raiders (28 years) on The Rooster 101.5 and can be heard M-F broadcasting our local news. Lucky has done play-by-play for 3,662 (and counting) sports events on Radio & TV. He also served 4 years as the Public Information Officer for the Coffee Co. Sheriff's Dept. and taught Radio/TV for 6 years at Grundy County High School.

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