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 | Dothan | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $147,198 | $158,589 | $242,182 |
| Price Trend (Annual %) | 4.1% | 7.1% | 8.2% |
| Median Gross Rent | $904 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Dothan is about 7% lower than in Alabama. Rent is about 6% 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 Dothan, up about 4.1% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Dothan rose about 31.5% between 2015 and 2023, from $688 to $904. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Dothan.
Buying the median-priced home in Dothan costs roughly 13.6 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 Dothan. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Dothan | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $147,198 | $158,589 | $242,182 |
| Median Household Income | $53,922 | $62,318 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Dothan rose about 29.4%, while median household income rose about 33.7% 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 | Dothan | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.0% | 59.5% | 58.2% |
| Rental Rate | 37.6% | 25.6% | 31.3% |
| Vacancy Rate | 14.4% | 15.0% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Dothan has a homeownership rate of 48.0%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 14.4%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Dothan | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.8 | 5.5 |
The typical housing unit in Dothan was built around 1981. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Dothan, Alabama.
What is the median home price in Dothan, Alabama?
The median home price in Dothan, Alabama is $147,198, lower than the Alabama average of $158,589.
What is the average home price in Dothan, 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 Dothan, Alabama?
The median gross rent in Dothan, Alabama is $904 per month, lower than the Alabama average of $962.
What was the median gross rent in Dothan in 2020?
In 2020, the median gross rent in Dothan, Alabama was $763 per month.
What is the price-to-rent ratio in Dothan, Alabama?
The price-to-rent ratio in Dothan, Alabama is about 13.6, meaning it would take roughly 13.6 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 Dothan.
Are home prices or rent rising faster in Dothan, Alabama?
Both home prices and rent are rising in Dothan, up about 4.1% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Dothan, Alabama?
48.0% of households in Dothan, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Dothan, Alabama?
The housing vacancy rate in Dothan, Alabama is 14.4%, lower than the Alabama average of 15.0%.