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 | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $365,615 | $158,589 | $242,182 |
| Price Trend (Annual %) | 2.2% | 7.1% | 8.2% |
| Median Gross Rent | $1,394 | $962 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Homewood is about 131% higher than in Alabama. Rent is about 45% higher 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 Homewood, up about 2.2% and 5.2% a year respectively. Rent is changing faster.
Median rent in Homewood rose about 48.1% between 2015 and 2023, from $941 to $1,394. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Homewood.
Buying the median-priced home in Homewood costs roughly 21.9 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 Homewood. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $365,615 | $158,589 | $242,182 |
| Median Household Income | $94,304 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.9 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Homewood rose about 82.0%, while median household income rose about 68.3% 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 | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.0% | 59.5% | 58.2% |
| Rental Rate | 35.6% | 25.6% | 31.3% |
| Vacancy Rate | 11.4% | 15.0% | 10.6% |
| Median Tenure (years) | 9.0 | 16.0 | 15.0 |
| Median Year Moved In | 2017 | 2010 | 2011 |
Homewood has a homeownership rate of 53.0%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 11.4%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1967 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Homewood was built around 1967. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Homewood, Alabama.
What is the median home price in Homewood, Alabama?
The median home price in Homewood, Alabama is $365,615, higher than the Alabama average of $158,589.
What is the average home price in Homewood, 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 Homewood, Alabama?
The median gross rent in Homewood, Alabama is $1,394 per month, higher than the Alabama average of $962.
What was the median gross rent in Homewood in 2020?
In 2020, the median gross rent in Homewood, Alabama was $1,194 per month.
What is the price-to-rent ratio in Homewood, Alabama?
The price-to-rent ratio in Homewood, Alabama is about 21.9, meaning it would take roughly 21.9 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 Homewood.
Are home prices or rent rising faster in Homewood, Alabama?
Both home prices and rent are rising in Homewood, up about 2.2% and 5.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Homewood, Alabama?
53.0% of households in Homewood, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Homewood, Alabama?
The housing vacancy rate in Homewood, Alabama is 11.4%, lower than the Alabama average of 15.0%.