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 | Geneva County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,529 | $158,589 | $242,182 |
| Price Trend (Annual %) | 9.2% | 7.1% | 8.2% |
| Median Gross Rent | $757 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Geneva County is about 47% lower than in Alabama. Rent is about 21% 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 Geneva County, up about 9.2% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Geneva County rose about 35.5% between 2015 and 2023, from $559 to $757. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Geneva County.
Buying the median-priced home in Geneva County costs roughly 9.2 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 Geneva County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Geneva County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,529 | $158,589 | $242,182 |
| Median Household Income | $50,986 | $62,318 | $78,145 |
| Price-to-Income Ratio | 1.6 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Geneva County rose about 62.3%, while median household income rose about 63.7% 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 | Geneva County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.8% | 59.5% | 58.2% |
| Rental Rate | 18.3% | 25.6% | 31.3% |
| Vacancy Rate | 16.0% | 15.0% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Geneva County has a homeownership rate of 65.8%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 16.0%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Geneva County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1986 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.8 | 5.5 |
The typical housing unit in Geneva County was built around 1986. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Geneva County, Alabama.
What is the median home price in Geneva County, Alabama?
The median home price in Geneva County, Alabama is $83,529, lower than the Alabama average of $158,589.
What is the average home price in Geneva 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 Geneva County, Alabama?
The median gross rent in Geneva County, Alabama is $757 per month, lower than the Alabama average of $962.
What was the median gross rent in Geneva County in 2020?
In 2020, the median gross rent in Geneva County, Alabama was $658 per month.
What is the price-to-rent ratio in Geneva County, Alabama?
The price-to-rent ratio in Geneva County, Alabama is about 9.2, meaning it would take roughly 9.2 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 Geneva County.
Are home prices or rent rising faster in Geneva County, Alabama?
Both home prices and rent are rising in Geneva County, up about 9.2% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Geneva County, Alabama?
65.8% of households in Geneva County, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Geneva County, Alabama?
The housing vacancy rate in Geneva County, Alabama is 16.0%, higher than the Alabama average of 15.0%.