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 | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,087 | $158,589 | $242,182 |
| Price Trend (Annual %) | -4.7% | 7.1% | 8.2% |
| Median Gross Rent | $1,013 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elmore County is about 31% lower than in Alabama. Rent is about 5% higher than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Elmore County: home prices fell about 4.7% a year while rent rose about 3.1% a year. That is an unusual pattern worth watching.
Median rent in Elmore County rose about 29.2% between 2015 and 2023, from $785 to $1,013. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Elmore County.
Buying the median-priced home in Elmore County costs roughly 9.1 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 Elmore County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,087 | $158,589 | $242,182 |
| Median Household Income | $75,680 | $62,318 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elmore County fell about 36.0%, while median household income rose about 44.2% 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 | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.4% | 59.5% | 58.2% |
| Rental Rate | 20.3% | 25.6% | 31.3% |
| Vacancy Rate | 12.3% | 15.0% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Elmore County has a homeownership rate of 67.4%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 12.3%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Elmore County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1988 | 1985 | 1978 |
| Median Number of Rooms | 6.2 | 5.8 | 5.5 |
The typical housing unit in Elmore County was built around 1988. On average, 2.6 people live in a home with about 6.2 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elmore County, Alabama.
What is the median home price in Elmore County, Alabama?
The median home price in Elmore County, Alabama is $110,087, lower than the Alabama average of $158,589.
What is the average home price in Elmore 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 Elmore County, Alabama?
The median gross rent in Elmore County, Alabama is $1,013 per month, higher than the Alabama average of $962.
What was the median gross rent in Elmore County in 2020?
In 2020, the median gross rent in Elmore County, Alabama was $900 per month.
What is the price-to-rent ratio in Elmore County, Alabama?
The price-to-rent ratio in Elmore County, Alabama is about 9.1, meaning it would take roughly 9.1 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 Elmore County.
Are home prices or rent rising faster in Elmore County, Alabama?
Home prices and rent are moving in opposite directions in Elmore County: home prices fell about 4.7% a year while rent rose about 3.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Elmore County, Alabama?
67.4% of households in Elmore County, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Elmore County, Alabama?
The housing vacancy rate in Elmore County, Alabama is 12.3%, lower than the Alabama average of 15.0%.