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 | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $270,806 | $158,589 | $242,182 |
| Price Trend (Annual %) | 2.9% | 7.1% | 8.2% |
| Median Gross Rent | $1,383 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hoover is about 71% higher than in Alabama. Rent is about 44% 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 Hoover, up about 2.9% and 4.7% a year respectively. Rent is changing faster.
Median rent in Hoover rose about 41.0% between 2015 and 2023, from $981 to $1,383. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Hoover.
Buying the median-priced home in Hoover costs roughly 16.3 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 13.7.
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $270,806 | $158,589 | $242,182 |
| Median Household Income | $96,628 | $62,318 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hoover rose about 40.6%, while median household income rose about 43.5% 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 | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.9% | 59.5% | 58.2% |
| Rental Rate | 31.1% | 25.6% | 31.3% |
| Vacancy Rate | 7.1% | 15.0% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Hoover has a homeownership rate of 61.9%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 7.1%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Hoover | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1990 | 1985 | 1978 |
| Median Number of Rooms | 6.4 | 5.8 | 5.5 |
The typical housing unit in Hoover was built around 1990. On average, 2.4 people live in a home with about 6.4 rooms, staying for about 12.0 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 $270,806, higher than the Alabama average of $158,589.
What is the average home price in Hoover, 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 Hoover, Alabama?
The median gross rent in Hoover, Alabama is $1,383 per month, higher than the Alabama average of $962.
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 16.3, meaning it would take roughly 16.3 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 2.9% and 4.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Hoover, Alabama?
61.9% of households in Hoover, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Hoover, Alabama?
The housing vacancy rate in Hoover, Alabama is 7.1%, lower than the Alabama average of 15.0%.