Bessemer, Alabama Housing Market Prices
Bessemer Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 59% above the Alabama median$255,675
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Median rent 3% below the Alabama median$980
Housing Market Overview
| Metric | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,675 | $160,474 | $248,835 |
| Price Trend (Annual %) | 14.0% | 6.3% | 7.5% |
| Median Gross Rent | $980 | $1,007 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bessemer is about 59% higher than in Alabama. Rent is about 3% lower than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Bessemer, up about 14.0% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Bessemer rose about 36.3% between 2015 and 2024, from $719 to $980. Over the same span, rent in Alabama rose about 40.5%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Bessemer.
Buying the median-priced home in Bessemer costs roughly 21.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bessemer. The price-to-rent ratio in Alabama is about 13.3.
| Metric | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,675 | $160,474 | $248,835 |
| Median Household Income | $47,171 | $64,544 | $80,455 |
| Price-to-Income Ratio | 5.4 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Bessemer rose about 172.9%, while median household income rose about 44.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 60.0% | 58.5% |
| Rental Rate | 32.4% | 25.5% | 31.2% |
| Vacancy Rate | 12.8% | 14.5% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Bessemer has a homeownership rate of 54.8%, lower than the Alabama average of 60.0%. Its housing vacancy rate is 12.8%, compared with 14.5% in Alabama.
Housing Stock
| Metric | Bessemer | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.48 people | 2.53 people |
| Median Structure Built Year | 1969 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Bessemer was built around 1969. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bessemer, Alabama.
What is the median home price in Bessemer, Alabama?
The median home price in Bessemer, Alabama is $255,675, higher than the Alabama average of $160,474.
What is the average home price in Bessemer, Alabama?
The typical home price in Bessemer, Alabama, reported as the median sale price, is $255,675. 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 Bessemer, Alabama?
The median gross rent in Bessemer, Alabama is $980 per month, lower than the Alabama average of $1,007.
What was the median gross rent in Bessemer in 2020?
In 2020, the median gross rent in Bessemer, Alabama was $788 per month.
What is the price-to-rent ratio in Bessemer, Alabama?
The price-to-rent ratio in Bessemer, Alabama is about 21.8, meaning it would take roughly 21.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bessemer.
Are home prices or rent rising faster in Bessemer, Alabama?
Both home prices and rent are rising in Bessemer, up about 14.0% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bessemer, Alabama?
54.8% of households in Bessemer, Alabama own their home, lower than the Alabama average of 60.0%.
What is the vacancy rate in Bessemer, Alabama?
The housing vacancy rate in Bessemer, Alabama is 12.8%, lower than the Alabama average of 14.5%.
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