Homewood, Alabama Housing Market Prices
Homewood 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.
-
Median home price 89% above the Alabama median$303,414
-
Median rent 40% above the Alabama median$1,411
Housing Market Overview
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,414 | $160,474 | $248,835 |
| Price Trend (Annual %) | -0.3% | 6.3% | 7.5% |
| Median Gross Rent | $1,411 | $1,007 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Homewood is about 89% higher than in Alabama. Rent is about 40% higher than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Homewood: home prices fell about 0.3% a year while rent rose about 4.7% a year. That is an unusual pattern worth watching.
Median rent in Homewood rose about 49.9% between 2015 and 2024, from $941 to $1,411. Over the same span, rent in Alabama rose about 40.5%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Homewood.
Buying the median-priced home in Homewood costs roughly 17.9 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 Homewood. The price-to-rent ratio in Alabama is about 13.3.
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,414 | $160,474 | $248,835 |
| Median Household Income | $89,778 | $64,544 | $80,455 |
| Price-to-Income Ratio | 3.4 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Homewood rose about 50.3%, while median household income rose about 58.1% between 2009 and 2025 — 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 | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.6% | 60.0% | 58.5% |
| Rental Rate | 36.8% | 25.5% | 31.2% |
| Vacancy Rate | 10.5% | 14.5% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
Homewood has a homeownership rate of 52.6%, lower than the Alabama average of 60.0%. Its housing vacancy rate is 10.5%, compared with 14.5% in Alabama.
Housing Stock
| Metric | Homewood | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.48 people | 2.53 people |
| Median Structure Built Year | 1966 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Homewood was built around 1966. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 10.0 years on average.
Homewood, AL Housing Compared With Nearby Cities
Homewood, AL is the 3rd largest of the 4 cities compared here, 27,106 residents against a local median of 75,120. Nothing separates Homewood, AL sharply from the cities around it. Each measure below lands within 15% of the local median, close enough that the differences are within what survey sampling alone would produce.
The largest of those small differences is homeownership, 11% below the local median at 58.8% against 66.3%. Homewood, AL has the 3rd highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Homewood, AL | 27,106 | $303,414 #2/4 | $1,411 #3/4 | 58.8% #3/4 |
| Birmingham, AL | 207,255 | $88,729 | $1,097 | 49.1% |
| Mountain Brook, AL | 23,287 | $312,505 | $1,575 | 81.8% |
| Hoover, AL | 75,120 | $280,716 | $1,440 | 66.3% |
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 $303,414, higher than the Alabama average of $160,474.
What is the average home price in Homewood, Alabama?
The typical home price in Homewood, Alabama, reported as the median sale price, is $303,414. 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 $1,411 per month, higher than the Alabama average of $1,007.
What was the median gross rent in Homewood in 2020?
In 2020, the median gross rent in Homewood, Alabama was $1,193 per month.
What is the price-to-rent ratio in Homewood, Alabama?
The price-to-rent ratio in Homewood, Alabama is about 17.9, meaning it would take roughly 17.9 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 Homewood.
Are home prices or rent rising faster in Homewood, Alabama?
Home prices and rent are moving in opposite directions in Homewood: home prices fell about 0.3% a year while rent rose about 4.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Homewood, Alabama?
52.6% of households in Homewood, Alabama own their home, lower than the Alabama average of 60.0%.
What is the vacancy rate in Homewood, Alabama?
The housing vacancy rate in Homewood, Alabama is 10.5%, lower than the Alabama average of 14.5%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →