Average rent in birmingham alabama

Average rent in birmingham alabama DEFAULT

Renting a home in the Birmingham-Hoover Metro Area is expensive.

According to new figures by Harvard University's Joint Center for Housing Studies, nearly half of the renter households in the area experience cost burdens--meaning they pay more than 30 percent of their income for housing.

The report, published June 24, concludes that as national homeownership rates continue to fall, there has been a record growth in rental demand. The national rental vacancy rate dropped to its lowest point in nearly 20 years. That boom in renters, however, has driven up rental rates.

In the Birmingham-Hoover Metro Area,

one in four renters suffer severe cost burdens

--paying more than half of their income for housing. The percentages only increase in lower-income households: 80 percent of households with incomes under $15,000 spend more than 30 percent of income on housing, compared to only 8.1 percent of households where the renters make more than $75,000.

In the Birmingham-Hoover area, where the household median income for renters is $26,300, rental homes currently listed on the

real estate website Zillow.com

range from as low as $480 a month for a two-bedroom house on 4th Ave. N. in Birmingham to as high as $2,300 a month for a two bedroom house on Malaga Ave. near Homewood. A four-bedroom, five-and-a-half-bath, 4,598 square-foot house in Hoover is currently listed for $3,900 a month.

Though single people still make up the largest share of renter households,

according to the report

, single family homes comprised more than half of the growth in renters in 2004-2013. Single family home renters are more likely to be middle-aged, married couples with children, as well as married couples without children and single-parent families.

The majority of individuals in the Birmingham-Hoover area own their homes--

roughly 64 percent owners compared to 35 percent renters

--but nationally, homeownership rates slid for the 10th consecutive year in 2014, according to the study.

Homeowners across the nation fare better

in terms of cost burdens than renters. On average nationally, homeowner households earned $66,200 in 2013 and spent $1,030 per month on housing costs, including mortgage payments, property taxes, insurance, any homeowner association or condominium fees, and utilities. In the Birmingham-Hoover area, the median income of homeowners is $60,000, where homeowners pay median monthly housing costs of $870.

Homes across the metro area for sale range from as low as $52,000 for a three-bedroom house in Midfield to $5.9 million for a six-bedroom house in Mountain Brook.

We want to know--do you rent or do you own and why?

Respond in the comment section below or email me at [email protected]

Sours: https://www.al.com/news/birmingham/2015/07/renting_in_birmingham_what_doe.html

RentData.org Logo Alabama Fair Market Rent for 2021 Accurate Rental Price Data

Alabama (AL) has the 52nd highest rent in the country out of 56 states and territories. The Fair Market Rent in Alabama ranges from $634 for a 2-bedroom apartment in Winston County, AL to $1,002 for a 2-bedroom unit in Birmingham-Hoover, AL HUD Metro FMR Area.

For FY 2021, the Birmingham-Hoover, AL HUD Metro FMR Area (St. Clair County) rent for a studio or efficiency is $817 per month and $1,409 per month to rent a house or an apartment with 4 bedrooms. The average Fair Market Rent for a 2-bedroom home in Alabama is $726 per month.

Click on your region in the list below or on the map to see a more detailed break down of rental prices.

What is Fair Market Rent?

Fair Market Rent is determined each fiscal year by the HUD and is used to set payment standards for federal housing assistance programs in Alabama. Fair Market Rent is the 40th-percentile of typical rentals in a given region. Learn more

Sours: https://www.rentdata.org/states/alabama/2021
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$1,387—$3,379 · 1 Bedroom · 2 Bathrooms

$1,805—$2,585 · 1 Bedroom · 2 Bathrooms

$1,445 · 3 Bedrooms · 2 Bathrooms

$1,195 · 4 Bedrooms · 2 Bathrooms

$1,385 · 4 Bedrooms · 3 Bathrooms

$1,285 · 3 Bedrooms · 2 Bathrooms

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$1,387—$3,379 · 1 Bedroom · 2 Bathrooms

$1,445 · 3 Bedrooms · 2 Bathrooms

$1,805—$2,585 · 1 Bedroom · 2 Bathrooms

$1,385 · 4 Bedrooms · 3 Bathrooms

$1,285 · 3 Bedrooms · 2 Bathrooms

$925 · 2 Bedrooms · 1 Bathroom

$2,066 · 1 Bedroom · 1 Bathroom

$1,898 · 2 Bedrooms · 2 Bathrooms

$1,195 · 4 Bedrooms · 2 Bathrooms

$1,980 · 1 Bedroom · 1 Bathroom

$1,578 · 1 Bedroom · 1 Bathroom

$2,277 · 1 Bedroom · 1 Bathroom

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Sours: https://www.zumper.com/rent-research/birmingham-al
UNFURNISHED TWO BEDROOM APARTMENT TOUR, BIRMINGHAM AL USA- HELPING MY SUBSCRIBERS FIND AN APARTMENT

Birmingham Alabama Residential Rent and Rental Statistics

The median monthly gross residential rent in Birmingham, AL (the Birmingham-Hoover metro area) was $913 in 2019 according to the Census ACS survey.1Average gross rent in Birmingham was $876 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Birmingham median and average rent data will be released in September of 2021.

Data is also available below for Birmingham rental vacancy rates, Birmingham rent as a percent of median income and the fraction of renters in Birmingham.

Show dollars as: NominalReal

Nominal Gross Rent in Birmingham Alabama

20191 Year Change3 Year Change
US Median Gross Rent$1,097+3.69%+11.82%
Alabama Median Gross Rent$807+2.41%+8.61%
Birmingham, AL Median Gross Rent$913+2.35%+10.13%

Birmingham, AL Nominal Gross Rent Trends

At $913, nominal median gross rent in Birmingham was at its highest level in 2019 since the series began in 2005. At $876, nominal average gross rent in Birmingham was at its highest level in 2019 since the series began in 2005.

Nominal Gross Rent in Birmingham Alabama: Birmingham AL Median, Birmingham AL Average, Alabama Median, US Median

Lower quartile, median and upper quartile nominal gross rent in Birmingham Alabama

Nominal Gross Rent History for Birmingham

DateUS
Median
Alabama
Median
Birmingham, AL
Median
Birmingham, AL
Average
2019$1,097$807$913$876
2018$1,058$788$892$858
2017$1,012$750$842$820
2016$981$743$829$797
2015$959$729$809$775
2014$934$717$797$781
2013$905$694$787$778
2012$884$689$758$734
2011$871$687$753$736
2010$855$667$749$732
2009$842$657$758$715
2008$824$631$717$699
2007$789$601$680$659
2006$763$573$652$619
2005$728$535$644$591

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Real Gross Rent in Birmingham Alabama (2019 dollars)2

20191 Year Change3 Year Change
US Median Gross Rent$1,097+1.86%+6.82%
Alabama Median Gross Rent$807+0.62%+3.73%
Birmingham, AL Median Gross Rent$913+0.55%+5.18%

Birmingham, AL Real Gross Rent Trends

At $913, real median gross rent in Birmingham was at its highest level in 2019 since the series began in 2005. At $876, real average gross rent in Birmingham was at its highest level in 2019 since the series began in 2005.

Real Gross Rent in Birmingham: Birmingham AL Median, Birmingham AL Average, Alabama Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Birmingham

DateUS
Median
Alabama
Median
Birmingham, AL
Median
Birmingham, AL
Average
2019$1,097$807$913$876
2018$1,077$802$908$874
2017$1,043$773$868$845
2016$1,027$778$868$835
2015$1,017$773$858$822
2014$986$757$841$825
2013$953$731$829$819
2012$940$733$806$781
2011$941$742$813$795
2010$955$745$837$818
2009$960$749$864$815
2008$976$747$849$828
2007$927$706$799$774
2006$937$704$801$760
2005$910$669$805$739

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Birmingham Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3In 2019 the rental vacancy rate for Birmingham Alabama was 8.50% according to Census ACS data.

Rental Vacancy Rate in Birmingham Alabama

20191 Year Change3 Year Change
US5.97%-0.18%+0.08%
Alabama9.69%-0.37%-0.65%
Birmingham, AL8.50%-0.93%-0.82%

Trends in Birmingham, AL Rental Vacancy Rate

The rental vacancy rate in Birmingham peaked in 2009 at 11.75%. Since then it has fallen by 3.25% to 8.50%. Data records for this series originated in 2005. From a 2015 post peak low of 7.09%, the rental vacancy rate has increased by 1.41%.

Rental Vacancy Rate: Birmingham AL, Alabama, US

Rental vacancy rate in Alabama

Historical Rental Vacancy Rate data for Birmingham

DateUSAlabamaBirmingham, AL
20195.97%9.69%8.50%
20186.15%10.06%9.43%
20176.18%10.99%7.88%
20165.89%10.34%9.32%
20155.85%9.72%7.09%
20146.32%10.37%7.50%
20136.49%9.17%7.34%
20126.77%7.79%9.26%
20117.40%8.30%7.15%
20108.17%9.64%8.77%
20098.43%10.33%11.75%
20087.86%9.73%9.29%
20077.87%9.25%9.38%
20067.70%8.72%9.30%
20057.74%9.21%8.50%

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Rent as a Fraction of Income

Using median household income data for Birmingham, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Birmingham, median monthly gross rent as a fraction of median household income was 18.77% in 2019 according to the ACS.

Birmingham Alabama Median Annual Rent as a Fraction of Median Household Income

20191 Year Change3 Year Change
US20.03%-0.47%-0.40%
Alabama18.72%-0.25%-0.56%
Birmingham, AL18.77%-0.20%-0.28%

Trends in Birmingham, AL Rent as a Fraction of Income

The fraction of median Birmingham household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.33%. Since then it has fallen by 1.56% to 18.77%.

Fraction of Income towards Rent: Birmingham AL, Alabama, US

Percent of median household income going towards median monthly gross rent in Birmingham Alabama

Historical Data for Annual Rent as a Fraction of Income in Birmingham Alabama

DateUSAlabamaBirmingham, AL
201920.03%18.72%18.77%
201820.50%18.96%18.98%
201720.13%18.70%19.03%
201620.43%19.27%19.05%
201520.63%19.54%18.87%
201420.89%20.09%20.33%
201320.78%19.44%19.54%
201220.65%19.89%19.45%
201120.70%19.91%19.80%
201020.50%19.78%20.33%
200920.12%19.47%20.27%
200819.00%17.75%17.45%
200718.66%17.78%17.29%
200618.90%17.73%17.57%
200518.89%17.41%17.64%

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Renter Fraction in Birmingham Alabama

You can calculate the renter fraction in Birmingham in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Birmingham as a fraction of total Birmingham households. In 2019 32.28% of households were renters according to Census ACS data.

Birmingham Fraction of Renters by Household Units

20191 Year Change3 Year Change
US35.89%-0.16%-0.99%
Alabama31.22%-0.74%-0.33%
Birmingham, AL32.28%+1.57%+1.71%

Trends in the Birmingham, AL Renter Fraction

The Birmingham household renter fraction peaked in in 2014 at 32.50% and is now 0.22% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Birmingham AL, Alabama, US

Fraction of renters in Birmingham

History of Birmingham Renter Fraction

DateUSAlabamaBirmingham, AL
201935.89%31.22%32.28%
201836.05%31.96%30.71%
201736.13%31.95%32.02%
201636.88%31.55%30.57%
201536.97%32.11%31.07%
201436.90%32.32%32.50%
201336.50%31.96%31.12%
201236.09%31.25%30.57%
201135.42%30.11%29.98%
201034.65%29.88%29.30%
200934.13%30.42%29.53%
200833.36%29.01%28.08%
200732.80%29.10%27.82%
200632.73%28.22%26.64%
200533.10%29.48%28.45%

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Department of Numbers

The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.

Rent by State
Alabama Metro Rent
Alabama County Rent
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Sours: https://www.deptofnumbers.com/rent/alabama/birmingham/

Alabama in birmingham average rent

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DAY IN MY LIFE: APARTMENT HUNTING in Birmingham, Alabama

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