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These days, finding an affordable place to live in the Homewood area can be challenging. Home prices in Homewood are now at a median cost of $534,869, higher than the Alabama average of $228,911.
The average cost of rent is $1,597/mo in Homewood, primarily driven by the current value of real estate in the Homewood area. In Homewood, 37.73% of households rent, and 40.23% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Homewood is $8,940 per month. Households that rent pay about 17.86% of their income on rent here. Homewood’s most expensive areas are in the northeastern regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Vestavia Hills, AL: higher priced homes
- Birmingham, AL: less expensive homes
- Mountain Brook, AL: higher priced homes
- Hoover, AL: less expensive homes
- Fairfield, AL: less expensive homes
- Midfield, AL: less expensive homes
- Lipscomb, AL: less expensive homes
- Meadowbrook, AL: less expensive homes
- Indian Springs Village, AL: less expensive homes
- Brighton, AL: less expensive homes
Cities with Similar Populations
- Powell, TN: less expensive homes
- Malvern, PA: higher priced homes
- Marina, CA: higher priced homes
- Mason City, IA: less expensive homes
- Menasha, WI: less expensive homes
- Middletown, NJ: higher priced homes
- Montclair, NJ: higher priced homes
- Nazareth, PA: less expensive homes
- New London, CT: less expensive homes
- Patterson, CA: equally priced homes
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