10 most affordable places to buy a house in Alabama
When it comes to affordable places to buy a home, not all areas are created equal.
That’s what SmartAsset found in a recent analysis of the most affordable places to buy a home in Alabama. To make its top 10 list, SmartAsset analyzed closing costs, real estate taxes, homeowners insurance and mortgage rates for cities with a population of 5,000 or more. The analysis measured the total cost of owning a home (using the average home cost) in each city over a five-year period.
That five-year cost was then measured as a proportion of median household income in each place to determine affordability.
According to SmartAsset, the most affordable places were those in which total housing costs were smallest compared to the median income in each area.
Here were the top 10 most affordable places to buy a home in Alabama:
1. Lincoln (Talladega County)
Avg. annual mortgage payment – $5,473
Median income – $64,924
2. Attalla (Etowah County)
Avg. annual mortgage payment – $3,017
Median income – $39,247
3. Harvest (Madison County)
Avg. annual mortgage payment – $7,667
Median income – $83,677
4. Pinson (Jefferson County)
Avg. annual mortgage payment – $5,741
Median income – $69,764
5. Meridianville (Madison County)
Avg. annual mortgage payment – $7,437
Median income – $80,476
6. Valley (Chambers County)
Avg. annual mortgage payment – $3,706
Median income – $47,746
7. Tuscumbia (Colbert County)
Avg. annual mortgage payment – $4,600
Median income – $44,088
8. Theodore (Mobile County)
Avg. annual mortgage payment – $4,788
Median income – $53,589
9. Helena (Shelby County)
Avg. annual mortgage payment – $8,151
Median income – $87,781
10. Forestdale (Jefferson County)
Avg. annual mortgage payment – $5,131
Median income – $59,041
Alabama
Avg. annual mortgage payment – $4,723
Median income – $50,536
This article is written by Leada Gore from Alabama Media Group, Birmingham and was legally licensed via the Tribune Content Agency through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.
