Tipton County

Demographics:

Total Population
61,298                57,543             6,402,387

Percentage Non‐Hispanic White                                                      76.5%
76.9%                    75.3%
Percentage Non‐Hispanic Black                                                       18.1%
17.8%                    16.7%
Percentage Asian
0.7%                    0.6%                      1.5%
Percentage Hispanic/Latino                                                                2.2%
1.9%                      4.7%

 

Housing Statistics:

Housing Affordability
Tipton County                       Tennessee
All Households                                   2009‐2013         2005‐2009          2009‐2013
Median Household Income                                                    $52,423
$51,138                $44,298 Total Cost‐Burdened Households2
5,967                  5,802                767,633
Percentage of Households that are Cost‐Burdened                     27.7%                 27.2%
31.0%
Homeowners
Total Owner Households                                                                 15,960
16,015             1,677,205
Ownership Rate
74.0%                 75.1%                    67.8%
Median Income                                                                               $63,004
$60,338                $55,788
Median Housing Value                                                    $139,100           $132,100
$139,200 Median Monthly Owner Cost (with mortgage)                 $1,262
$1,187                  $1,202 Median Housing Cost as % of Household Income
22.1%                 22.2%                   23.1%
Cost‐burdened Owners                                                                      3,575
3,545                401,731
Percentage of Owners who are Cost‐Burdened                            22.4%                 22.1%
24.0%
Renters
Total Renter Households                                                       5,614
5,308                797,990 Median Income
$26,208              $23,300                $26,231 Median Gross Rent
$752                   $668                      $742
Median Housing Cost as % of Household Income                         29.8%                 29.8%
30.9%
Cost‐burdened Renters                                                                      2,392
2,257                365,901
Percentage of Renters who are Cost‐Burdened                            42.6%                 42.5%
45.9%
Number of Cost‐Burdened Households by Income
<$20,000                                                        1,628                  1,593
225,432
$20‐35,000                                                          556                      601
107,281
$35‐50,000                                                          140                        63
24,979
>$50,000                                                              67                          0
8,210

THDA Assistance:

Program, Year Started 2014 Units 2014 Dollars Cumulative Units Cumulative Dollars

Homeownership Loan Program, 1974 9 $824,305 1,261 $73.6M

Downpayment Loans, 2013 8 $29,987 8 $29,987

Homebuyer Education Program, 2003 7 $1,750 82 $15,050

Keep My Tennessee Home, 2011 (Allocated) 17 $485,380 72 $1.9M

Disbursed — $577,778 — $1.3M

*Medical Hardship Program, 2012 (Allocated) 7 $141,521 10 $256,278

Disbursed — $109,457 — $184,198

Foreclosure Prevention, 2008 15 $5,400 100 $36,150

HOME, 1992 1 $100,000 110 $4.1M

Rental 1 $100,000 — —

Tennessee’s Housing Trust Fund, 2007 6 $37,913 83 $496,512

Emergency Repair — — 50 $314,201

Rural Housing Repair 6 $37,913 33 $182,311

Low Income Housing Tax Credits, 1987 — — 412 $14.1M

Section 8 Rental Assistance, 1978 650 $3.6M — —

Tenant-Based 367 $2.1M — —

Project-Based 283 $1.4M — —

Weatherization Assistance Program, 1976 — — 28 $138,279

Low-Income Home Energy Assistance Program, 1981 1,046 $413,712 1,046 $413,712

Neighborhood Stabilization Program, 2008 — — — $153,475

 

 

 

Utility Allowances

THDA-approved homebuyer education counselors:

MEMPHIS AREA ASSOCIATION OF GOVERNMENTS
8289 Cordova Rd     Suite 103
Cordova  TN   38016
Phone: 901-729-2871
Fax: 901-729-4107
Email: pmorris@maagov.org
Contact: PAUL MORRIS

 

THDA Great Choice Loans Availability:

First-time Buyers: Yes

Repeat Buyers: Yes

Active Duty Military: Yes, with special interest rate reductions

Honorably Discharged Veterans: Yes, with special interest rate reductions

 

THDA Great Choice Loan Requirements:

Annual Income Limits: $69,600 for one- or two-person household, $81,200 for household of three or more

Purchase Price Maximum: $300,000

 

THDA-approved lenders:

AMERICAN MORTGAGE SERVICE CO 1921 HIGHWAY 51 SOUTH UNIT E-1 COVINGTON 38019 (901) 313-9391
AMERICAN MORTGAGE SERVICES INC 171 WESLEY REED DR ATOKA 38004 (901) 840-1400
BANK OF JACKSON 558 CARRIAGE HOUSE DR JACKSON 38305 (731) 660-8099
BARTLETT MORTGAGE INC 678 N GERMANTOWN PKWY CORDOVA 38018 (901) 387-3077
BARTLETT MORTGAGE INC 1020 W POPLAR AVE COLLIERVILLE 38017 (901) 257-7250
BARTLETT MORTGAGE INC 9915 HIGHWAY 64 SUITE 101 MEMPHIS 38002 (901) 328-6610
BARTLETT MORTGAGE INC 1870 KIRBY PKWY GERMANTOWN 38138 (901) 387-3090
BARTLETT MORTGAGE INC 3691 AUSTIN PEAY HWY MEMPHIS 38128 (901) 842-4831
FIRST CITIZENS NATIONAL BANK 1426 MUNFORD AVENUE MUNFORD 38058 (800) 690-8871
FIRST CITIZENS NATIONAL BANK 123 ATOKA AVE ATOKA 38004 (901) 837-0133
REGIONS BANK 11 MURRAY GUARD DR JACKSON 38305 (731) 984-6167
SIMMONS FIRST NATIONAL BANK 11300 HWY 51 S ATOKA 38004 (901) 840-1900
TRUSTMARK NATIONAL BANK 5350 POPLAR MEMPHIS 38119 (901) 309-8300
TRUSTMARK NATIONAL BANK 1365 S. GERMANTOWN RD GERMANTOWN 38138 (901) 309-6225

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