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Alabama
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How Much Will Your Mortgage Be in Alabama?
Alabama, also known as the "Heart of Dixie", the "Yellowhammer state", and the "cotton state" is located in the southeastern region of the U.S. The housing market here has grown over the years and is one of the most affordable in the U.S. Alabamians spend roughly 18% of their income of their homes, significantly less than the national average spend. Also, see Alabama FHA Loan for more details and requirements for a home in the state.
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Alabama Home and Mortgage
Stats to Know
County | Avg. Home Price | Avg. Days on Market |
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Source of Info PropertyPath
Factors That Can Affect Your Alabama Mortgage Calculations
Alabama Job Stats to Consider
Alabama’s economy is largely agricultural with a heavy concentration on cotton, peanuts, soybeans and maize. The state has also seen a continued growth in the service sector over the past few years. Alabama’s expanding automotive manufacturing industry has generated more jobs and significantly more wealth to the state since the 1990s. The state is ranked fourth in the nation for vehicle exports.
The median household income recorded in Alabama was $49,861, far below the national average of $61, 937, based on information collected form the Census ACS 1-year survey in 2018. However, this rose 5.09% in three years. The unemployment rate was recorded at 2.7% in November 2019, below the national average of 3.6%, according to information gathered by the Bureau of Labor Statistics.
Income tax in Alabama is also lower than many states with three tax brackets ranging from 2% to 5%. The statewide sales tax is 4% with counties charging a local tax for a total between 5% and 11.5%.