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 | Phenix City | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $172,624 | $158,589 | $242,182 |
| Price Trend (Annual %) | 14.9% | 7.1% | 8.2% |
| Median Gross Rent | $920 | $962 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phenix City is about 9% higher than in Alabama. Rent is about 4% 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 Phenix City, up about 14.9% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Phenix City rose about 21.8% between 2015 and 2023, from $755 to $920. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Phenix City.
Buying the median-priced home in Phenix City costs roughly 15.6 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 Phenix City. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Phenix City | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $172,624 | $158,589 | $242,182 |
| Median Household Income | $45,650 | $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 Phenix City rose about 21.5%, while median household income rose about 44.0% 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 | Phenix City | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.5% | 59.5% | 58.2% |
| Rental Rate | 45.7% | 25.6% | 31.3% |
| Vacancy Rate | 12.8% | 15.0% | 10.6% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Phenix City has a homeownership rate of 41.5%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 12.8%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Phenix City | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1980 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Phenix City was built around 1980. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Phenix City, Alabama.
What is the median home price in Phenix City, Alabama?
The median home price in Phenix City, Alabama is $172,624, higher than the Alabama average of $158,589.
What is the average home price in Phenix City, 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 Phenix City, Alabama?
The median gross rent in Phenix City, Alabama is $920 per month, lower than the Alabama average of $962.
What was the median gross rent in Phenix City in 2020?
In 2020, the median gross rent in Phenix City, Alabama was $803 per month.
What is the price-to-rent ratio in Phenix City, Alabama?
The price-to-rent ratio in Phenix City, Alabama is about 15.6, meaning it would take roughly 15.6 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 Phenix City.
Are home prices or rent rising faster in Phenix City, Alabama?
Both home prices and rent are rising in Phenix City, up about 14.9% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Phenix City, Alabama?
41.5% of households in Phenix City, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Phenix City, Alabama?
The housing vacancy rate in Phenix City, Alabama is 12.8%, lower than the Alabama average of 15.0%.