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 | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,118 | $158,589 | $242,182 |
| Price Trend (Annual %) | 41.7% | 7.1% | 8.2% |
| Median Gross Rent | $899 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prichard is about 3% lower than in Alabama. Rent is about 7% 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 Prichard, up about 41.7% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Prichard rose about 26.7% between 2015 and 2023, from $709 to $899. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Prichard.
Buying the median-priced home in Prichard costs roughly 14.2 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 Prichard. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,118 | $158,589 | $242,182 |
| Median Household Income | $39,562 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.9 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prichard rose about 131.2%, while median household income rose about 59.7% 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 | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.4% | 59.5% | 58.2% |
| Rental Rate | 32.8% | 25.6% | 31.3% |
| Vacancy Rate | 21.8% | 15.0% | 10.6% |
| Median Tenure (years) | 22.0 | 16.0 | 15.0 |
| Median Year Moved In | 2004 | 2010 | 2011 |
Prichard has a homeownership rate of 45.4%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 21.8%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Prichard | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1971 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.8 | 5.5 |
The typical housing unit in Prichard was built around 1971. On average, 2.8 people live in a home with about 5.7 rooms, staying for about 22.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prichard, Alabama.
What is the median home price in Prichard, Alabama?
The median home price in Prichard, Alabama is $153,118, lower than the Alabama average of $158,589.
What is the average home price in Prichard, 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 Prichard, Alabama?
The median gross rent in Prichard, Alabama is $899 per month, lower than the Alabama average of $962.
What was the median gross rent in Prichard in 2020?
In 2020, the median gross rent in Prichard, Alabama was $829 per month.
What is the price-to-rent ratio in Prichard, Alabama?
The price-to-rent ratio in Prichard, Alabama is about 14.2, meaning it would take roughly 14.2 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 Prichard.
Are home prices or rent rising faster in Prichard, Alabama?
Both home prices and rent are rising in Prichard, up about 41.7% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prichard, Alabama?
45.4% of households in Prichard, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Prichard, Alabama?
The housing vacancy rate in Prichard, Alabama is 21.8%, higher than the Alabama average of 15.0%.