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 | Mobile | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $202,854 | $158,589 | $242,182 |
| Price Trend (Annual %) | 12.4% | 7.1% | 8.2% |
| Median Gross Rent | $1,036 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mobile is about 28% higher than in Alabama. Rent is about 8% 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 Mobile, up about 12.4% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Mobile rose about 32.7% between 2015 and 2023, from $781 to $1,036. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Mobile.
Buying the median-priced home in Mobile 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 Mobile. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Mobile | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $202,854 | $158,589 | $242,182 |
| Median Household Income | $52,928 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.8 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mobile rose about 119.3%, while median household income rose about 39.9% 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 | Mobile | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.2% | 59.5% | 58.2% |
| Rental Rate | 40.0% | 25.6% | 31.3% |
| Vacancy Rate | 13.7% | 15.0% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Mobile has a homeownership rate of 46.2%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 13.7%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Mobile | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1976 | 1985 | 1978 |
| Median Number of Rooms | 5.6 | 5.8 | 5.5 |
The typical housing unit in Mobile was built around 1976. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mobile, Alabama.
What is the median home price in Mobile, Alabama?
The median home price in Mobile, Alabama is $202,854, higher than the Alabama average of $158,589.
What is the average home price in Mobile, 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 Mobile, Alabama?
The median gross rent in Mobile, Alabama is $1,036 per month, higher than the Alabama average of $962.
What was the median gross rent in Mobile in 2020?
In 2020, the median gross rent in Mobile, Alabama was $881 per month.
What is the price-to-rent ratio in Mobile, Alabama?
The price-to-rent ratio in Mobile, 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 Mobile.
Are home prices or rent rising faster in Mobile, Alabama?
Both home prices and rent are rising in Mobile, up about 12.4% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mobile, Alabama?
46.2% of households in Mobile, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Mobile, Alabama?
The housing vacancy rate in Mobile, Alabama is 13.7%, lower than the Alabama average of 15.0%.