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 | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $113,221 | $158,589 | $242,182 |
| Price Trend (Annual %) | -2.4% | 7.1% | 8.2% |
| Median Gross Rent | $782 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Florence is about 29% lower than in Alabama. Rent is about 19% lower 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 Florence: home prices fell about 2.4% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
Median rent in Florence rose about 37.1% between 2015 and 2023, from $570 to $782. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Florence.
Buying the median-priced home in Florence costs roughly 12.1 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 Florence. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $113,221 | $158,589 | $242,182 |
| Median Household Income | $46,448 | $62,318 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Florence fell about 27.2%, while median household income rose about 61.7% 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 | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.2% | 59.5% | 58.2% |
| Rental Rate | 44.6% | 25.6% | 31.3% |
| Vacancy Rate | 14.2% | 15.0% | 10.6% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Florence has a homeownership rate of 41.2%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 14.2%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1974 | 1985 | 1978 |
| Median Number of Rooms | 5.2 | 5.8 | 5.5 |
The typical housing unit in Florence was built around 1974. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Florence, Alabama.
What is the median home price in Florence, Alabama?
The median home price in Florence, Alabama is $113,221, lower than the Alabama average of $158,589.
What is the average home price in Florence, 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 Florence, Alabama?
The median gross rent in Florence, Alabama is $782 per month, lower than the Alabama average of $962.
What was the median gross rent in Florence in 2020?
In 2020, the median gross rent in Florence, Alabama was $656 per month.
What is the price-to-rent ratio in Florence, Alabama?
The price-to-rent ratio in Florence, Alabama is about 12.1, meaning it would take roughly 12.1 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 Florence.
Are home prices or rent rising faster in Florence, Alabama?
Home prices and rent are moving in opposite directions in Florence: home prices fell about 2.4% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Florence, Alabama?
41.2% of households in Florence, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Florence, Alabama?
The housing vacancy rate in Florence, Alabama is 14.2%, lower than the Alabama average of 15.0%.