The average value of a home in Alabama is roughly $211K — it has increased by about 16.7% in the past year. Alabama rates are much cheaper than a typical home in the U.S., which has an average value of $365K.
Additionally, Alabama residents spend an average of $1,060 for their monthly mortgage, making it the 16th-cheapest state to purchase a home. While cost is a significant factor in homebuying, you should also consider other variables, such as lender terms.
Understanding the homebuying process can help you efficiently process your application, close a deal and avoid falling into deep debt. In this guide, MoneyGeek highlights the most important basics for Alabama homebuyers.