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 | Fayette County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $89,484 | $158,589 | $242,182 |
| Price Trend (Annual %) | 13.9% | 7.1% | 8.2% |
| Median Gross Rent | $621 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fayette County is about 44% 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 Fayette County, up about 13.9% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Fayette County rose about 32.6% between 2015 and 2023, from $468 to $621. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Fayette County.
Buying the median-priced home in Fayette County costs roughly 12.0 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 Fayette County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Fayette County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $89,484 | $158,589 | $242,182 |
| Median Household Income | $50,944 | $62,318 | $78,145 |
| Price-to-Income Ratio | 1.8 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fayette County rose about 95.1%, while median household income rose about 43.4% between 2009 and 2023 — 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 | Fayette County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.7% | 59.5% | 58.2% |
| Rental Rate | 16.9% | 25.6% | 31.3% |
| Vacancy Rate | 22.4% | 15.0% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Fayette County has a homeownership rate of 60.7%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 22.4%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Fayette County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.62 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.6 | 5.8 | 5.5 |
The typical housing unit in Fayette County was built around 1981. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fayette County, Alabama.
What is the median home price in Fayette County, Alabama?
The median home price in Fayette County, Alabama is $89,484, lower than the Alabama average of $158,589.
What is the average home price in Fayette 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 Fayette County, Alabama?
The median gross rent in Fayette County, Alabama is $621 per month, lower than the Alabama average of $962.
What was the median gross rent in Fayette County in 2020?
In 2020, the median gross rent in Fayette County, Alabama was $539 per month.
What is the price-to-rent ratio in Fayette County, Alabama?
The price-to-rent ratio in Fayette County, Alabama is about 12.0, meaning it would take roughly 12.0 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 Fayette County.
Are home prices or rent rising faster in Fayette County, Alabama?
Both home prices and rent are rising in Fayette County, up about 13.9% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fayette County, Alabama?
60.7% of households in Fayette County, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Fayette County, Alabama?
The housing vacancy rate in Fayette County, Alabama is 22.4%, higher than the Alabama average of 15.0%.