Reasons Homebuyers Move To Alabama To Purchase A Home
This ARTICLE On The Reasons Homebuyers Move To Alabama To Purchase A Home Was PUBLISHED On September 16th, 2019
Alabama is on the map. Many residents are fleeing high-taxed states such as Illinois and New York to Alabama.
- Alabama is one of the most popular states taxpayers and homebuyers are relocating to
- Alabama comes in second right behind Tennessee where homebuyers from high-taxed states are flocking to
- There are many Reasons Homebuyers Move To Alabama
In this article, we will cover and discuss the Reasons Homebuyers Move To Alabama.
The State Has Affordable Housing And Low Property Taxes
One of the main reasons homebuyers move to Alabama is due to low home prices and low property taxes.
- Many Illinois residents move to Alabama due to its low property taxes
- Illinois home prices are reasonable
- However, property taxes in Illinois keeps on going up year after year
- Besides property taxes, Illinois has a governor (JB Pritzker) that keeps on finding a way to tax anything and everything to solve the state’s deficit and financial problems
- Pritzker has recently doubled the gas tax in Illinois
- Pritzker is clueless when it comes to running a government
- He approved a raise for Illinois lawmakers when the state is facing bankruptcy and a major shortfall in its finances
While other states like Alabama are prospering, Illinois is facing bankruptcy.
Finding The Perfect Location To Purchase A Home In Alabama
We will list the most and least expensive areas to purchase a home in the state of Alabama. The cities with the highest median home prices are the following:
The following is the list of Alabama cities with the least expensive median home values in the state:
Homebuyers can narrow their search on homes they can afford.
Alabama’s Real Estate Market
Birmingham, Alabama is the most popular city to purchase a home.
- The city is the most populous with a thriving economy
- The unemployment numbers in Birmingham is extremely low
- Companies are always hiring and are short of workers
- The city’s fire and police departments do not have enough recruits that they are going outside city, county, and state limits to hire qualified recruits
- There are countless places to visit. It is a great place to start a family with affordable housing and low cost of living.
There is many construction projects going on in the city with no signs of a slowdown.
Median Home Prices
You can get a lot of house for your money in Alabama. The median home value in the state is $126,000 according to zillow.com.
- Average homes are listed at $203,900. Average home prices that close are recorded at $144,400. Prices per square foot of homes average at $101. Homes in the state averaged an appreciation of 7.5% in the past 24 months. Lower than other popular states
However, real estate analysts and economists expert a spike in appreciation in home prices in the coming months and years due to the mass migration to the state.
Tornadoes And Hurricane Insurance Requirement
Hurricane Insurance Coverage is Mandatory in the state. According to Martyna Szettel, a research analyst at Gustan Cho Associates and a lifelong Birmingham native issued the following statement:
Before you buy a house in a new state, it’s important to know of any mandatory insurance policies specific to the area. Those who are Alabama-bound haven’t escaped this, unfortunately, because this place just LOVES hurricanes. In fact, Alabama is one of 19 states that require a hurricane deductible as a part of their homeowner’s insurance policy.But what does that mean, exactly? Well, basically you’ll have to pay your insurance company a certain amount of money before they’ll cover any damage to your home dealt out by an angry windstorm. Deductible costs are typically about 1%-5% of the insurance value of the home, but it really depends on where you live, too. Those living in a low-risk area in a smaller/cheaper house might pay $300 towards their deductible, while those living in high-risk areas in a fancy mansion might pay $30,000.
Hurricane Insurance can get quite pricey for homeowners.
Pros And Cons On Reasons Homebuyers Move To Alabama
Low taxes and low cost of living hits as the top Reasons Homebuyers Move To Alabama.
- Property taxes and sales taxes are very low. You get a lot of home for your money
- Real estate values are half than California
- On the negative side, the humidity is bad
- There are severe thunderstorms throughout the state
- Tornadoes and Hurricane Warnings are a way of life in the state
Other negatives about the state are Alabama has the worst poverty rate out of any state in the nation. In some counties, poverty rates can surpass 40%.
All in all, the state is thriving with growth and with the migration of new residents. Many are selling their homes in their high-taxed state and fleeing to Alabama and making it home.