Montgomery, AL is a terrific area to live in for those who want to be in the middle of everything. The city also boasts of sports, the outdoors, or the arts for entertainment. Alabama's capital city is close to many prominent Southern locations. It also offers an array of activities for everyone. This diverse community features close-knit communities and metropolitan benefits for families. Additionally, Montgomery has educational opportunities that rival any other city. Thus, Montgomery has a lot to offer. From an enticing downtown, a booming economy, reasonable living costs, and more.
Quick Facts
- Montgomery's average property tax rate is only 0.393%.
- The average household income in Montgomery is $68,149, with a poverty rate of 20.63%.
- The median rental fee has been $881 per month in previous years, with a median property value of $121,200.
- Montgomery's population has declined by -4.06% since the last census.
- The city of Montgomery has a population of about 201,000 people, with more than 386,000 in the metropolitan area.
Montgomery, AL in a Nutshell
As Alabama's capital, Montgomery is very much in the middle of it all. Montgomery is the state's second-largest city, with over 200,000 residents. It is an area known for its rich soil that is excellent for growing cotton and other crops.
Thanks to its art scene and family activities, there are many things to do in Alabama's capital city. The city has the Alabama Shakespeare Festival and the Montgomery Museum of Fine Arts. Both of these are also in Blount Cultural Park. Additionally, symphony orchestras, ballet, art galleries, and amateur theater are some other forms of entertainment offered. The entertainment areas have many pubs and restaurants for patrons.
Economy
Montgomery's economy lags a little behind the rest of the country. However, it has also been improving over the last few years. The unemployment rate is only 3.6%, and the typical household income is roughly $68,149 per year. So, these statistics state that it lags behind the rest of the country. But, in Montgomery, you may expect your money to stretch further. The reason behind this is because of cheaper living costs and lower tax rates.
Employment
Most Montgomery residents work in manufacturing, retail, hospitality/restaurant, and education. But, the city and state governments hire 24% of the workforce or over 12,000 people. Montgomery is also home to Maxwell-Gunter Air Force Base and Hyundai manufacturing plant. Both of these also work with thousands of Montgomery residents. Moreover, manufacturing, agricultural, government, and healthcare industries are some job options in Montgomery.
The state also set a new record with $8.7 billion in new investment under the "Made in Alabama" brand. Additionally, there are also 17,000 new employment opportunities. Montgomery also receives its fair share of economic stimulus as the state's capital.
Real Estate in Montgomery, AL
The housing market in Montgomery is a bit messy. Despite renovations, the downtown, like far too many older cities, can feel abandoned. But, much of the new construction is expanding outside into the areas in the suburbs. As a result, Montgomery's real estate market is booming. Home prices have risen by more than 5% in the last year. This scenario is considering that they have not yet recovered to pre-recession prices. Even though it is a seller's market, there are some fantastic property deals in the city.
Despite a few cons, Montgomery is still a cost-effective option. A typical home price in Montgomery is $121,200, and the median rent of $881. The cost of living in Montgomery is 11% cheaper than the national average, while the cost of housing is 30% lower. Montgomery draws people in for various reasons. Besides the low cost of living, the job market has also opened opportunities.
Real Estate Trends
Rental property investors may begin to find attractive offers. But, there is still more demand for homes in Montgomery than supply. There has also been a 36% decrease in inventory year-over-year. Yet the median sales price of homes in Montgomery only increased by 5%. According to the city's recent House Price Index, home prices have increased by 31% in the last five years. Additionally, Montgomery home prices increased by 14.9% in the previous year.
Final Thoughts
In comparison to most states, Alabama has a cheaper cost of living. This setting makes buying a dream property or home simple without going broke. Purchasing land may also become an income-generating option since land appraises over time. Montgomery is a fantastic place because of its low house prices, low taxes, and low cost of living. The cost of a family house in Alabama is less than the national average. And the state boasts among of the lowest property tax rates in the country.
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