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 | Hale County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $71,316 | $158,589 | $242,182 |
| Price Trend (Annual %) | 11.9% | 7.1% | 8.2% |
| Median Gross Rent | $722 | $962 | $1,342 |
| Rent Trend (Annual %) | 7.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hale County is about 55% lower than in Alabama. Rent is about 25% 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 Hale County, up about 11.9% and 7.1% a year respectively. Home prices are changing faster.
Median rent in Hale County rose about 57.1% between 2015 and 2023, from $460 to $722. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Hale County.
Buying the median-priced home in Hale County costs roughly 8.2 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 Hale County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Hale County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $71,316 | $158,589 | $242,182 |
| Median Household Income | $41,211 | $62,318 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hale County rose about 135.3%, while median household income rose about 38.0% 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 | Hale County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.8% | 59.5% | 58.2% |
| Rental Rate | 17.0% | 25.6% | 31.3% |
| Vacancy Rate | 26.3% | 15.0% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Hale County has a homeownership rate of 56.8%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 26.3%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Hale County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.62 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1988 | 1985 | 1978 |
| Median Number of Rooms | 5.2 | 5.8 | 5.5 |
The typical housing unit in Hale County was built around 1988. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hale County, Alabama.
What is the median home price in Hale County, Alabama?
The median home price in Hale County, Alabama is $71,316, lower than the Alabama average of $158,589.
What is the average home price in Hale 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 Hale County, Alabama?
The median gross rent in Hale County, Alabama is $722 per month, lower than the Alabama average of $962.
What was the median gross rent in Hale County in 2020?
In 2020, the median gross rent in Hale County, Alabama was $612 per month.
What is the price-to-rent ratio in Hale County, Alabama?
The price-to-rent ratio in Hale County, Alabama is about 8.2, meaning it would take roughly 8.2 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 Hale County.
Are home prices or rent rising faster in Hale County, Alabama?
Both home prices and rent are rising in Hale County, up about 11.9% and 7.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hale County, Alabama?
56.8% of households in Hale County, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Hale County, Alabama?
The housing vacancy rate in Hale County, Alabama is 26.3%, higher than the Alabama average of 15.0%.