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How affordable are homes in Alabama?

How afforfable

This spacious 5-bedroom Farmhouse near Lake Wedowee and to most city amenities such as town, schools and hospital. It’s priced to sell at $299,900! More details here.

Buying a home is a massive investment. It’s not something that you want to do too many times, and most people want to find the best home they can for their price range. That can be a tall order if your budget is a bit tight, but it helps to understand exactly where you can expect to find affordable housing.

As it turns out, Alabama in general has some of the best real estate prices around. If you’re interested in learning more about Lake Wedowee real estate, take a look at the information below to help you with your search.

The Alabama Housing Affordability Index

One way to determine how affordable housing is within a state is to compare prices with the average, or median, family income. In the state of Alabama, the Housing Affordability Index is 184.3. That means that families in the state earning a median annual wage of $55,000 make more than enough money to buy a home. Compared to other states, Alabama residents have 1.8 times the income needed to qualify for a loan to buy a home. This increases to 210.2 in Mobile metro and 238.3 in Gadsden, which means that these two markets are among the most affordable in the state.

Why choose Alabama?

Why should you make the decision to buy in Alabama as opposed to elsewhere? All you have to do is take a look at some premiere Wadley real estate to know the answer.

Alabama is home to a diverse population and offers plenty of job opportunities. In fact, the state has experienced job growth recently, especially in the aerospace and automotive industries. Alabama is the third largest auto exporter in the US and topped $7.75 billion in revenue in 2017. Remember, too, that Alabama is home to NASA, the Marshall Space Flight Center, the U.S. Space & Rocket Center, and more than 160 aerospace companies.

The technology and manufacturing sectors in general are booming and offer plenty of work, too. When Google searched for the best place in the US to erect a $600 million data center, they chose Alabama for the following reasons:

  • The availability of a large, secure piece of land
  • The close proximity to water
  • State incentives
  • The availability of renewable energy

Even without Google in the mix, the IT industry of Alabama already employs more than 11,000 people.

In 2018, Global Trade Mag ranked Alabama as Number One Best State for Manufacturing. More than 270,000 are employed in the sector, which represents more than 13% of the state’s workforce.

Embrace the scenery

In addition to a great job market, Alabama has some of the country’s most incredible scenery. Buyers of Clay County, Alabama real estate can look forward to scenic trails, fishing lakes, a national forest, a public golf course, birding ad hiking trails, and waterfalls.

Whether you want to live in quiet isolation or choose a home closer to the state’s major cities, Alabama has plenty of options to keep you happy.

Are you ready to embark on a journey exploring Alabama real estate? Contact the top local people for the job. Ron Young and his experienced team of Realtors at Wedowee Lake & Lands Realty are the top-producing real estate agents in their area. Call them at 1-256-357-9600 or email them at ron(at)lakewedowee(dotted)org.