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South Pittsburg, Tennessee

South Pittsburg (population 3,000) is a nice little town nestled on the banks of the Tennessee River in East Tennessee's pretty Sequatchie Valley. Steep ridges extend from the nearby Cumberland Plateau and border the city on the north, west and south.

Known as "The Tidiest Town in Tennessee," South Pittsburg is home to several manufacturing companies. One of these is Lodge Manufacturing, a producer of cookware and the sponsor of the very popular annual National Cornbread Festival, an event that brings out cornbread lovers from around the region. National country music acts, cornbread cookoffs, a classic car cruise-in and more provide plenty of entertainment.

The downtown is small but in good shape with early- and mid-20th century buildings, red brick sidewalks and street parking. Neighborhoods are leafy with a country feel. The river provides opportunities for fishing and canoeing, and the nearby hills are laced with hiking trails.

Cost of Living

South Pittsburg is a nice, affordable town with an overall cost of living 24% less than the national average.

The town is 213% less expensive than Sebastopol, California, 19% less expensive than Billings, Montana and 47% less than Miami, Florida.

The median household income is $33,400.

Real Estate

The median home value is $115,227. This is a 7% increase over the previous year. For comparison, the national median home price is currently $259,245.

Estimates are that South Pittsburg real estate values will stay steady over the next year.

The median rental price is $685 per month.

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Growth

South Pittsburg has grown by 1% in the last decade.

Taxes

The combined sales tax rate for South Pittsburg is 9.75%. This is the total of state, county and city sales tax rates.

The state has no personal income tax, but it does have a 5% tax on stock dividends and bond interest income (the first $1,250 is exempt for single filers and the first $2,500 is exempt for married filers). People who are age 65 or better and who earn less than $37,000 per year ($68,000 for married people) do not pay the tax on dividends and bond interest.

The property tax rate is approximately $768 in taxes per $100,000 of assessed home value. The annual taxes on a $115,227 home are approximately $887. People age 65 or better may receive tax relief on the first $28,300 of their home's market value.

Tennessee does not tax Social Security.

Desire a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer will have no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.

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Previous Towns

Crawfordville, Florida

Crawfordville (population 5,100) is the Wakulla County seat and is about 20 miles south of Tallahassee, the state capital, and 25 miles north of the Forgotten Coast on the eastern section of Florida's Panhandle. It is a rural place surrounded by state forests, natural springs and wildlife refuges.

North Augusta, South Carolina

North Augusta (population 23,000) is a nice town on the northern shore of the Savannah River in western South Carolina. It is just across the river from Augusta, Georgia, home to the annual Masters Golf Tournament, and started out in the late-1700s.

Frankfort, Kentucky

Frankfort (population 28,000) sits on either side the Kentucky River in north central Kentucky's Bluegrass Region and is the state's capital city. It is also home to Kentucky State University and is the birthplace of the famous bourbon ball, a bite-sized candy made with bourbon whiskey and dark chocolate.

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