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  4. /Milan, TN - 38358

Milan, TN—38358

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$188,000
2.2% YoY Growth
Household Income
$65,500
46.0% YoY Growth
Days on Market
44
1.0% Longer YoY
Home Price Forecast
0.5%
Median Rent
$1,100
38.7% YoY Growth
1-Bed Rent
$625
N/A
2-Bed Rent
$925
10.0% YoY Growth
3-Bed Rent
$1,100
8.1% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Milan, TN

As of May '26, the median home price in Milan, TN is $188,000, with a year-over-year change of 2.2%. This indicates that home prices in Milan, TN are increasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$188,0002.2%
Single Family $189,0002.2%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		N/AN/A
    3 Bed
    		N/AN/A
    4 Bed
    		N/AN/A
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    2.0%
    1 Bedroom
    9.4%
    2 Bedrooms
    25.8%
    3 Bedrooms
    46.7%
    4 Bedrooms
    13.3%
    5+ Bedrooms
    2.8%

    Rental Trends — Milan, TN

    As of July '25, Rentcast reports the average rent in Milan, TN is $1,470, with a year-over-year rent change of 38.7%. Per bedroom, the median rent as of July '25 in Milan, TN is studios: $4,500, 1-bedrooms: $638, 2-bedrooms: $900, 3-bedrooms: $1,240, 4-bedrooms: $2,650. The most common rental property sizes in Milan, TN are 2-bedroom and 3-bedroom, accounting for 37.9% and 32.3% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,100$1,470
    Studio Rent $4,500$4,500
    1 Bed Rent $625$638
    2 Bed Rent $925$900
    3 Bed Rent $1,100$1,240
    4 Bed Rent $1,500$2,650
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    % of Rental Stock

    Studio
    1.9%
    1 Bedroom
    21.4%
    2 Bedrooms
    37.9%
    3 Bedrooms
    32.3%
    4 Bedrooms
    3.2%
    5+ Bedrooms
    3.3%

    Property Listings — Milan, TN

    As of May '26, Realtor.com reports that the median days on market for a home in Milan, TN is 44. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$270,000-2.0%
    Listing Count
    		44-16.0%
    Listings as % of Homes0.7%-16.0%
    Days on Market
    		441.0%
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    Demographics — Milan, TN

    As of the latest ACS Survey released in 2023, Milan, TN has a population of 12,500, which has increased by 7.6% over the past 5 years. Milan, TN is a popular place for families, as children make up 32.0% of the population. The area has a poorly educated workforce, with 18.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.9% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		12,5007.6%
    % Under 18
    		32.0%34.5%
    % Seniors
    		14.1%-20.3%
    % WFH
    		4.9%1,533.3%
    % w/ College Degree
    		18.2%-14.2%
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    As of the latest ACS Survey released in 2023, Milan, TN is a predominantly white area, with 74.3% of the population identifying as white. The white population has shrunk by 2.7% in the last 5 years. The second most common race or ethnicity in Milan, TN is black, making up 17.2% of the population. Foreign-born residents account for 1.7% of the population in Milan, TN, and this percentage has increased by 13.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		74.3%-2.7%
    % Black
    		17.2%1.2%
    % Hispanic
    		1.6%-30.4%
    % Asian
    		0.4%-66.7%
    % Foreign Born
    		1.7%13.3%
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    Mortgage and Risk — Milan, TN

    According to HUD data as of 2023, there were 251 mortgage originations in Milan, TN, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Milan, TN. Investor activity is low, as 9.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		251
    % Conventional Loans
    		68.0%
    % Government Loans
    		32.0%
    % Investor Loans
    		9.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		12.0%
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    Rentals and Section 8 — Milan, TN

    As of 2024, the percent of homes in Milan, TN under the Section 8 program is 4.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Milan, TN, because HUD payments exceed market rent, while 2-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		174
    Total Units Section 8
    		74
    % Rentals under Section 8
    		4.3%
    % Occupied Section 8
    		90.5%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$75$625$700
    2 Bedroom-$25$925$900
    3 Bedroom$160$1,100$1,260
    4 Bedroom$10$1,500$1,510

    Affordability — Milan, TN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.6
    Median Home Price$188,000
    Median Household Income$65,500

    Milan, TN — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions