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 | Tuscaloosa | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $268,243 | $158,589 | $242,182 |
| Price Trend (Annual %) | 12.8% | 7.1% | 8.2% |
| Median Gross Rent | $1,010 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tuscaloosa is about 69% higher than in Alabama. Rent is about 5% 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 Tuscaloosa, up about 12.8% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Tuscaloosa rose about 29.6% between 2015 and 2023, from $779 to $1,010. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 5.8 yearly household incomes in Tuscaloosa.
Buying the median-priced home in Tuscaloosa costs roughly 22.1 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 Tuscaloosa. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Tuscaloosa | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $268,243 | $158,589 | $242,182 |
| Median Household Income | $46,535 | $62,318 | $78,145 |
| Price-to-Income Ratio | 5.8 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Tuscaloosa rose about 47.7%, while median household income rose about 65.1% 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 | Tuscaloosa | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 33.9% | 59.5% | 58.2% |
| Rental Rate | 43.2% | 25.6% | 31.3% |
| Vacancy Rate | 22.8% | 15.0% | 10.6% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Tuscaloosa has a homeownership rate of 33.9%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 22.8%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Tuscaloosa | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1988 | 1985 | 1978 |
| Median Number of Rooms | 4.9 | 5.8 | 5.5 |
The typical housing unit in Tuscaloosa was built around 1988. On average, 2.4 people live in a home with about 4.9 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tuscaloosa, Alabama.
What is the median home price in Tuscaloosa, Alabama?
The median home price in Tuscaloosa, Alabama is $268,243, higher than the Alabama average of $158,589.
What is the average home price in Tuscaloosa, 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 Tuscaloosa, Alabama?
The median gross rent in Tuscaloosa, Alabama is $1,010 per month, higher than the Alabama average of $962.
What was the median gross rent in Tuscaloosa in 2020?
In 2020, the median gross rent in Tuscaloosa, Alabama was $859 per month.
What is the price-to-rent ratio in Tuscaloosa, Alabama?
The price-to-rent ratio in Tuscaloosa, Alabama is about 22.1, meaning it would take roughly 22.1 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 Tuscaloosa.
Are home prices or rent rising faster in Tuscaloosa, Alabama?
Both home prices and rent are rising in Tuscaloosa, up about 12.8% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tuscaloosa, Alabama?
33.9% of households in Tuscaloosa, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Tuscaloosa, Alabama?
The housing vacancy rate in Tuscaloosa, Alabama is 22.8%, higher than the Alabama average of 15.0%.