Florence, Alabama Housing Market Prices
Florence Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 89% above the Alabama median$303,909
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Median rent 18% below the Alabama median$823
Housing Market Overview
| Metric | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,909 | $160,474 | $248,835 |
| Price Trend (Annual %) | 18.9% | 6.3% | 7.5% |
| Median Gross Rent | $823 | $1,007 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Florence is about 89% higher than in Alabama. Rent is about 18% lower than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Florence, up about 18.9% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Florence rose about 44.2% between 2015 and 2024, from $570 to $823. Over the same span, rent in Alabama rose about 40.5%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Florence.
Buying the median-priced home in Florence costs roughly 30.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Florence. The price-to-rent ratio in Alabama is about 13.3.
| Metric | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,909 | $160,474 | $248,835 |
| Median Household Income | $48,351 | $64,544 | $80,455 |
| Price-to-Income Ratio | 6.3 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Florence rose about 95.2%, while median household income rose about 53.6% between 2009 and 2025 — 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 | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.4% | 60.0% | 58.5% |
| Rental Rate | 43.9% | 25.5% | 31.2% |
| Vacancy Rate | 12.7% | 14.5% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Florence has a homeownership rate of 43.4%, lower than the Alabama average of 60.0%. Its housing vacancy rate is 12.7%, compared with 14.5% in Alabama.
Housing Stock
| Metric | Florence | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.48 people | 2.53 people |
| Median Structure Built Year | 1973 | 1985 | 1978 |
| Median Number of Rooms | 5.2 | 5.9 | 5.5 |
The typical housing unit in Florence was built around 1973. On average, 2.1 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 $303,909, higher than the Alabama average of $160,474.
What is the average home price in Florence, Alabama?
The typical home price in Florence, Alabama, reported as the median sale price, is $303,909. 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 $823 per month, lower than the Alabama average of $1,007.
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 30.8, meaning it would take roughly 30.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Florence.
Are home prices or rent rising faster in Florence, Alabama?
Both home prices and rent are rising in Florence, up about 18.9% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Florence, Alabama?
43.4% of households in Florence, Alabama own their home, lower than the Alabama average of 60.0%.
What is the vacancy rate in Florence, Alabama?
The housing vacancy rate in Florence, Alabama is 12.7%, lower than the Alabama average of 14.5%.
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