It depends on your time horizon, down payment, and what you'd pay in rent. Historically, buying wins over 5+ years in the Tri-Cities due to relatively low home prices, modest but steady appreciation, and low property taxes. The calculator below lets you run your own numbers.
Rent vs. Buy Calculator
Buying costs include P&I, TN property taxes (0.63%/yr), insurance (0.4%/yr), maintenance (1%/yr), and closing costs (~3%). Renting costs include monthly rent + renter's insurance (~$20/mo). Net buying advantage = home equity at year 5 minus total extra cost of buying vs. renting. Not a commitment to lend.
The Tri-Cities rent vs. buy reality
Median rent in the Johnson City area has risen significantly since 2020. A 3-bedroom that rented for $900 in 2020 often asks $1,400–$1,600 today. Meanwhile, a buyer who purchased at $220,000 in 2020 likely sits on 30–40% appreciation. The Tri-Cities is not a market where renting long-term is a clearly winning strategy — especially for buyers with VA or USDA eligibility who can enter with zero down payment.