Compare Alabama mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Alabama.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Alabama. Plus, shopping lenders is free and there is no obligation.
September 30, 2023
Below we offer valuable insights on the housing market and real estate prices in Alabama. Understand how much you need to make to buy a house in Alabama, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Alabama is affordable for you. We provide this helpful information to help you decide if living in Alabama is right for you.
The median home value for Alabama is $195,183
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Alabama is $40,718
With this income, you could qualify for a $175,665 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Alabama is $943
The median household income for Alabama is $55,827
Based on this income, you can afford a home valued at approximately $267,606
The home price you can afford to buy based on household income in Alabama is 137% of the median home value which means housing prices are affordable. Alabama ranks 15 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Alabama is affordable