In the current real estate market, homebuyers and investors alike are looking for discount properties, which are becoming harder to find. Over the last few years, national and local housing markets have made progress toward recovery, which is affecting home affordability. In fact, many people are opting to rent instead of buy as a result of rising mortgage rates and quickly-rising home prices.
Two cities in Alabama have been highlighted as being in the top 25 cities in the United States as cities that are growing and have affordable homes.
Millbrook, AL – Median Home Price of $109,000 Millbrook, AL has experienced a rather fast increase in population since 1990. Being located on the outskirts of Montgomery, the city has become rather popular for those working in the state’s capital. The median home price in Millbrook is $109,000 with a median household income of $70,325. Those looking to relocate or invest in properties in the Montgomery area may wish to consider Millbrook for its affordable housing opportunities and growing population.
Helena, AL – Median Home Price of $138,842 Along will Millbrook, the city of Helena also made the list. The median home price for the city is $138,842 with a median household income of $86,230. Being located near Birmingham, AL, many people who work in Birmingham have opted to live in Helena due to the city’s reputation as being the safest in the state. Now is a great time to buy a home or investment property in the area due to its affordability and real estate market outlook.
In short, home affordability is declining throughout the country as home prices rise and more people opt to rent as opposed to buying. However, investors looking for income properties are still able to find some great and affordable properties if they know where to look – including two Alabama gems in Millbrook and Helena.
If you are a property owner looking for Birmingham, AL property managers, then call on gkhouses.com at 205.940.6363. On the other hand, if you are looking for Birmingham rental homes, explore our listings to find the perfect place to call home.