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 | Marengo County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,500 | $158,589 | $242,182 |
| Price Trend (Annual %) | 23.9% | 7.1% | 8.2% |
| Median Gross Rent | $722 | $962 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Marengo County is about 18% higher than in Alabama. Rent is about 25% 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 Marengo County, up about 23.9% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Marengo County rose about 36.5% between 2015 and 2023, from $529 to $722. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Marengo County.
Buying the median-priced home in Marengo County costs roughly 21.6 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 Marengo County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Marengo County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,500 | $158,589 | $242,182 |
| Median Household Income | $44,275 | $62,318 | $78,145 |
| Price-to-Income Ratio | 4.2 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Marengo County rose about 346.2%, while median household income rose about 44.0% 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 | Marengo County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.5% | 59.5% | 58.2% |
| Rental Rate | 24.0% | 25.6% | 31.3% |
| Vacancy Rate | 22.6% | 15.0% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Marengo County has a homeownership rate of 53.5%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 22.6%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Marengo County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1983 | 1985 | 1978 |
| Median Number of Rooms | 5.6 | 5.8 | 5.5 |
The typical housing unit in Marengo County was built around 1983. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Marengo County, Alabama.
What is the median home price in Marengo County, Alabama?
The median home price in Marengo County, Alabama is $187,500, higher than the Alabama average of $158,589.
What is the average home price in Marengo 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 Marengo County, Alabama?
The median gross rent in Marengo County, Alabama is $722 per month, lower than the Alabama average of $962.
What was the median gross rent in Marengo County in 2020?
In 2020, the median gross rent in Marengo County, Alabama was $565 per month.
What is the price-to-rent ratio in Marengo County, Alabama?
The price-to-rent ratio in Marengo County, Alabama is about 21.6, meaning it would take roughly 21.6 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 Marengo County.
Are home prices or rent rising faster in Marengo County, Alabama?
Both home prices and rent are rising in Marengo County, up about 23.9% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Marengo County, Alabama?
53.5% of households in Marengo County, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Marengo County, Alabama?
The housing vacancy rate in Marengo County, Alabama is 22.6%, higher than the Alabama average of 15.0%.