10 most affordable places to buy a house in Alabama

In the case of inexpensive locations to purchase a house, not all areas are created equal.

That’s what SmartAsset present in a current evaluation of probably the most inexpensive locations to purchase a house in Alabama. To make its high 10 listing, SmartAsset analyzed closing prices, actual property taxes, owners insurance coverage and mortgage charges for cities with a inhabitants of 5,000 or extra. The evaluation measured the overall price of proudly owning a house (utilizing the common house price) in every metropolis over a five-year interval.

That five-year price was then measured as a proportion of median family revenue in every place to find out affordability.

In response to SmartAsset, probably the most inexpensive locations had been these by which complete housing prices had been smallest in comparison with the median revenue in every space.

Right here had been the highest 10 most inexpensive locations to purchase a house in Alabama:

1. Lincoln (Talladega County)

Avg. annual mortgage cost – $5,473

Median revenue – $64,924

2. Attalla (Etowah County)

Avg. annual mortgage cost – $3,017

Median revenue – $39,247

3. Harvest (Madison County)

Avg. annual mortgage cost – $7,667

Median revenue – $83,677

4. Pinson (Jefferson County)

Avg. annual mortgage cost – $5,741

Median revenue – $69,764

5. Meridianville (Madison County)

Avg. annual mortgage cost – $7,437

Median revenue – $80,476

6. Valley (Chambers County)

Avg. annual mortgage cost – $3,706

Median revenue – $47,746

7. Tuscumbia (Colbert County)

Avg. annual mortgage cost – $4,600

Median revenue – $44,088

8. Theodore (Cellular County)

Avg. annual mortgage cost – $4,788

Median revenue – $53,589

9. Helena (Shelby County)

Avg. annual mortgage cost – $8,151

Median revenue – $87,781

10. Forestdale (Jefferson County)

Avg. annual mortgage cost – $5,131

Median revenue – $59,041

Alabama

Avg. annual mortgage cost – $4,723

Median revenue – $50,536