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 | Lauderdale County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,084 | $158,589 | $242,182 |
| Price Trend (Annual %) | 7.3% | 7.1% | 8.2% |
| Median Gross Rent | $798 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lauderdale County is about 26% lower than in Alabama. Rent is about 17% 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 Lauderdale County, up about 7.3% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Lauderdale County rose about 34.7% between 2015 and 2023, from $593 to $798. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Lauderdale County.
Buying the median-priced home in Lauderdale County costs roughly 12.3 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 Lauderdale County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Lauderdale County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,084 | $158,589 | $242,182 |
| Median Household Income | $59,269 | $62,318 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lauderdale County fell about 7.0%, while median household income rose about 56.8% 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 | Lauderdale County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 59.5% | 58.2% |
| Rental Rate | 27.8% | 25.6% | 31.3% |
| Vacancy Rate | 13.5% | 15.0% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Lauderdale County has a homeownership rate of 58.7%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 13.5%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Lauderdale County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1979 | 1985 | 1978 |
| Median Number of Rooms | 5.8 | 5.8 | 5.5 |
The typical housing unit in Lauderdale County was built around 1979. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lauderdale County, Alabama.
What is the median home price in Lauderdale County, Alabama?
The median home price in Lauderdale County, Alabama is $118,084, lower than the Alabama average of $158,589.
What is the average home price in Lauderdale 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 Lauderdale County, Alabama?
The median gross rent in Lauderdale County, Alabama is $798 per month, lower than the Alabama average of $962.
What was the median gross rent in Lauderdale County in 2020?
In 2020, the median gross rent in Lauderdale County, Alabama was $668 per month.
What is the price-to-rent ratio in Lauderdale County, Alabama?
The price-to-rent ratio in Lauderdale County, Alabama is about 12.3, meaning it would take roughly 12.3 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 Lauderdale County.
Are home prices or rent rising faster in Lauderdale County, Alabama?
Both home prices and rent are rising in Lauderdale County, up about 7.3% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lauderdale County, Alabama?
58.7% of households in Lauderdale County, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Lauderdale County, Alabama?
The housing vacancy rate in Lauderdale County, Alabama is 13.5%, lower than the Alabama average of 15.0%.