Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Athens | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,098 | $158,589 | $242,182 |
| Price Trend (Annual %) | 4.2% | 7.1% | 8.2% |
| Median Gross Rent | $819 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Athens is about 16% higher than in Alabama. Rent is about 15% lower than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Athens, up about 4.2% and 4.2% a year respectively. Rent is changing faster.
Median rent in Athens rose about 34.4% between 2015 and 2023, from $610 to $819. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Athens.
Buying the median-priced home in Athens costs roughly 18.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Athens. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Athens | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,098 | $158,589 | $242,182 |
| Median Household Income | $57,387 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Athens rose about 33.0%, while median household income rose about 59.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Athens | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.0% | 59.5% | 58.2% |
| Rental Rate | 36.0% | 25.6% | 31.3% |
| Vacancy Rate | 9.1% | 15.0% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Athens has a homeownership rate of 55.0%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 9.1%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Athens | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.8 | 5.5 |
The typical housing unit in Athens was built around 1985. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Athens, Alabama.
What is the median home price in Athens, Alabama?
The median home price in Athens, Alabama is $184,098, higher than the Alabama average of $158,589.
What is the average home price in Athens, Alabama?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Athens, Alabama?
The median gross rent in Athens, Alabama is $819 per month, lower than the Alabama average of $962.
What was the median gross rent in Athens in 2020?
In 2020, the median gross rent in Athens, Alabama was $658 per month.
What is the price-to-rent ratio in Athens, Alabama?
The price-to-rent ratio in Athens, Alabama is about 18.7, meaning it would take roughly 18.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Athens.
Are home prices or rent rising faster in Athens, Alabama?
Both home prices and rent are rising in Athens, up about 4.2% and 4.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Athens, Alabama?
55.0% of households in Athens, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Athens, Alabama?
The housing vacancy rate in Athens, Alabama is 9.1%, lower than the Alabama average of 15.0%.