Hoover, Alabama Housing Market Prices
Hoover 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.
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Median home price 75% above the Alabama median$280,716
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Median rent 43% above the Alabama median$1,440
Housing Market Overview
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $280,716 | $160,474 | $248,835 |
| Price Trend (Annual %) | 3.0% | 6.3% | 7.5% |
| Median Gross Rent | $1,440 | $1,007 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hoover is about 75% higher than in Alabama. Rent is about 43% higher than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Hoover, up about 3.0% and 4.6% a year respectively. Rent is changing faster.
Median rent in Hoover rose about 46.8% between 2015 and 2024, from $981 to $1,440. Over the same span, rent in Alabama rose about 40.5%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Hoover.
Buying the median-priced home in Hoover costs roughly 16.2 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 Hoover. The price-to-rent ratio in Alabama is about 13.3.
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $280,716 | $160,474 | $248,835 |
| Median Household Income | $98,247 | $64,544 | $80,455 |
| Price-to-Income Ratio | 2.9 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hoover rose about 45.7%, while median household income rose about 37.5% between 2009 and 2025 — 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 | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.7% | 60.0% | 58.5% |
| Rental Rate | 31.4% | 25.5% | 31.2% |
| Vacancy Rate | 6.9% | 14.5% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Hoover has a homeownership rate of 61.7%, higher than the Alabama average of 60.0%. Its housing vacancy rate is 6.9%, compared with 14.5% in Alabama.
Housing Stock
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.48 people | 2.53 people |
| Median Structure Built Year | 1991 | 1985 | 1978 |
| Median Number of Rooms | 6.4 | 5.9 | 5.5 |
The typical housing unit in Hoover was built around 1991. On average, 2.4 people live in a home with about 6.4 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hoover, Alabama.
What is the median home price in Hoover, Alabama?
The median home price in Hoover, Alabama is $280,716, higher than the Alabama average of $160,474.
What is the average home price in Hoover, Alabama?
The typical home price in Hoover, Alabama, reported as the median sale price, is $280,716. 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 Hoover, Alabama?
The median gross rent in Hoover, Alabama is $1,440 per month, higher than the Alabama average of $1,007.
What was the median gross rent in Hoover in 2020?
In 2020, the median gross rent in Hoover, Alabama was $1,127 per month.
What is the price-to-rent ratio in Hoover, Alabama?
The price-to-rent ratio in Hoover, Alabama is about 16.2, meaning it would take roughly 16.2 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 Hoover.
Are home prices or rent rising faster in Hoover, Alabama?
Both home prices and rent are rising in Hoover, up about 3.0% and 4.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Hoover, Alabama?
61.7% of households in Hoover, Alabama own their home, higher than the Alabama average of 60.0%.
What is the vacancy rate in Hoover, Alabama?
The housing vacancy rate in Hoover, Alabama is 6.9%, lower than the Alabama average of 14.5%.
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