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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Clay County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $41,000 | $158,589 | $242,182 |
| Price Trend (Annual %) | 40.6% | 7.1% | 8.2% |
| Median Gross Rent | $623 | $962 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 74% lower than in Alabama. Rent is about 35% 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 Clay County, up about 40.6% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 38.1% between 2015 and 2023, from $451 to $623. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 5.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Clay County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Clay County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $41,000 | $158,589 | $242,182 |
| Median Household Income | $53,204 | $62,318 | $78,145 |
| Price-to-Income Ratio | 0.8 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County fell about 41.1%, while median household income rose about 45.9% 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 | Clay County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.3% | 59.5% | 58.2% |
| Rental Rate | 18.2% | 25.6% | 31.3% |
| Vacancy Rate | 18.5% | 15.0% | 10.6% |
| Median Tenure (years) | 20.0 | 16.0 | 15.0 |
| Median Year Moved In | 2006 | 2010 | 2011 |
Clay County has a homeownership rate of 63.3%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 18.5%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Clay County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1982 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.8 | 5.5 |
The typical housing unit in Clay County was built around 1982. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, Alabama.
What is the median home price in Clay County, Alabama?
The median home price in Clay County, Alabama is $41,000, lower than the Alabama average of $158,589.
What is the average home price in Clay County, 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 Clay County, Alabama?
The median gross rent in Clay County, Alabama is $623 per month, lower than the Alabama average of $962.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, Alabama was $481 per month.
What is the price-to-rent ratio in Clay County, Alabama?
The price-to-rent ratio in Clay County, Alabama is about 5.5, meaning it would take roughly 5.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Clay County.
Are home prices or rent rising faster in Clay County, Alabama?
Both home prices and rent are rising in Clay County, up about 40.6% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, Alabama?
63.3% of households in Clay County, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Clay County, Alabama?
The housing vacancy rate in Clay County, Alabama is 18.5%, higher than the Alabama average of 15.0%.