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 | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $197,317 | $158,589 | $242,182 |
| Price Trend (Annual %) | 14.8% | 7.1% | 8.2% |
| Median Gross Rent | $835 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 24% higher than in Alabama. Rent is about 13% 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 Morgan County, up about 14.8% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Morgan County rose about 39.5% between 2015 and 2023, from $598 to $835. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 19.7 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 Morgan County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $197,317 | $158,589 | $242,182 |
| Median Household Income | $64,873 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morgan County rose about 124.9%, while median household income rose about 51.0% 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 | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.0% | 59.5% | 58.2% |
| Rental Rate | 25.0% | 25.6% | 31.3% |
| Vacancy Rate | 9.0% | 15.0% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Morgan County has a homeownership rate of 66.0%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 9.0%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Morgan County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1984 | 1985 | 1978 |
| Median Number of Rooms | 6.0 | 5.8 | 5.5 |
The typical housing unit in Morgan County was built around 1984. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morgan County, Alabama.
What is the median home price in Morgan County, Alabama?
The median home price in Morgan County, Alabama is $197,317, higher than the Alabama average of $158,589.
What is the average home price in Morgan 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 Morgan County, Alabama?
The median gross rent in Morgan County, Alabama is $835 per month, lower than the Alabama average of $962.
What was the median gross rent in Morgan County in 2020?
In 2020, the median gross rent in Morgan County, Alabama was $683 per month.
What is the price-to-rent ratio in Morgan County, Alabama?
The price-to-rent ratio in Morgan County, Alabama is about 19.7, meaning it would take roughly 19.7 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 Morgan County.
Are home prices or rent rising faster in Morgan County, Alabama?
Both home prices and rent are rising in Morgan County, up about 14.8% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morgan County, Alabama?
66.0% of households in Morgan County, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Morgan County, Alabama?
The housing vacancy rate in Morgan County, Alabama is 9.0%, lower than the Alabama average of 15.0%.