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 | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,186 | $158,589 | $242,182 |
| Price Trend (Annual %) | 22.9% | 7.1% | 8.2% |
| Median Gross Rent | $791 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gadsden is about 3% lower than in Alabama. Rent is about 18% 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 Gadsden, up about 22.9% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Gadsden rose about 35.5% between 2015 and 2023, from $584 to $791. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Gadsden.
Buying the median-priced home in Gadsden costs roughly 16.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Gadsden. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,186 | $158,589 | $242,182 |
| Median Household Income | $37,769 | $62,318 | $78,145 |
| Price-to-Income Ratio | 4.1 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gadsden rose about 300.1%, while median household income rose about 36.8% 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 | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.2% | 59.5% | 58.2% |
| Rental Rate | 36.9% | 25.6% | 31.3% |
| Vacancy Rate | 20.9% | 15.0% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Gadsden has a homeownership rate of 42.2%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 20.9%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Gadsden | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1960 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.8 | 5.5 |
The typical housing unit in Gadsden was built around 1960. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gadsden, Alabama.
What is the median home price in Gadsden, Alabama?
The median home price in Gadsden, Alabama is $153,186, lower than the Alabama average of $158,589.
What is the average home price in Gadsden, 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 Gadsden, Alabama?
The median gross rent in Gadsden, Alabama is $791 per month, lower than the Alabama average of $962.
What was the median gross rent in Gadsden in 2020?
In 2020, the median gross rent in Gadsden, Alabama was $647 per month.
What is the price-to-rent ratio in Gadsden, Alabama?
The price-to-rent ratio in Gadsden, Alabama is about 16.1, meaning it would take roughly 16.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Gadsden.
Are home prices or rent rising faster in Gadsden, Alabama?
Both home prices and rent are rising in Gadsden, up about 22.9% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gadsden, Alabama?
42.2% of households in Gadsden, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Gadsden, Alabama?
The housing vacancy rate in Gadsden, Alabama is 20.9%, higher than the Alabama average of 15.0%.