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 | Tallapoosa County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,458 | $158,589 | $242,182 |
| Price Trend (Annual %) | 13.7% | 7.1% | 8.2% |
| Median Gross Rent | $734 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tallapoosa County is about 18% higher than in Alabama. Rent is about 24% 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 Tallapoosa County, up about 13.7% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Tallapoosa County rose about 27.6% between 2015 and 2023, from $575 to $734. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Tallapoosa County.
Buying the median-priced home in Tallapoosa County costs roughly 21.2 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 Tallapoosa County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Tallapoosa County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,458 | $158,589 | $242,182 |
| Median Household Income | $56,420 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Tallapoosa County rose about 122.0%, while median household income rose about 54.0% 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 | Tallapoosa County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.5% | 59.5% | 58.2% |
| Rental Rate | 17.6% | 25.6% | 31.3% |
| Vacancy Rate | 27.9% | 15.0% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Tallapoosa County has a homeownership rate of 54.5%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 27.9%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Tallapoosa County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1983 | 1985 | 1978 |
| Median Number of Rooms | 5.8 | 5.8 | 5.5 |
The typical housing unit in Tallapoosa County was built around 1983. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tallapoosa County, Alabama.
What is the median home price in Tallapoosa County, Alabama?
The median home price in Tallapoosa County, Alabama is $186,458, higher than the Alabama average of $158,589.
What is the average home price in Tallapoosa 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 Tallapoosa County, Alabama?
The median gross rent in Tallapoosa County, Alabama is $734 per month, lower than the Alabama average of $962.
What was the median gross rent in Tallapoosa County in 2020?
In 2020, the median gross rent in Tallapoosa County, Alabama was $644 per month.
What is the price-to-rent ratio in Tallapoosa County, Alabama?
The price-to-rent ratio in Tallapoosa County, Alabama is about 21.2, meaning it would take roughly 21.2 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 Tallapoosa County.
Are home prices or rent rising faster in Tallapoosa County, Alabama?
Both home prices and rent are rising in Tallapoosa County, up about 13.7% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tallapoosa County, Alabama?
54.5% of households in Tallapoosa County, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Tallapoosa County, Alabama?
The housing vacancy rate in Tallapoosa County, Alabama is 27.9%, higher than the Alabama average of 15.0%.