The Madison County housing market is posing significant challenges for the local workforce, with the majority of homes on the market becoming increasingly unaffordable. According to data from Urban Design Associates, families in the area with a median household income of $81,966 can only afford a home worth $250,000 with a 20% down payment, resulting in a mortgage payment of approximately $1,725 per month.
Unfortunately, the current state of the market reveals a scarcity of homes within this price range. The Huntsville Area Association of Realtors-University of Alabama in Huntsville Third Quarter Economic Report indicates that only 136 homes listed on the market by the end of September were priced at $250,000 or less. On the other hand, there were 261 homes available within the upper affordable range of $250,000 to $300,000.
The report also highlights a decline in median sales prices, with the figure for a home in the county falling to $331,705 in the third quarter of 2022, compared to $336,000 previously. While this decrease may offer small relief, it is still well beyond what many families can comfortably afford.
Despite these challenges, there is an encouraging trend in the increasing number of homes becoming available in the market. The upper affordable range has experienced a significant rise of over 91%, and the $200,000 to $250,000 price range has seen an increase of almost 43%. These figures indicate that there is some progress being made towards addressing the affordability issue, albeit at a slower pace than desired.
The Madison County housing market is in need of further attention and action to ensure that housing options align with the financial capabilities of the local workforce. Strategies such as incentivizing affordable housing construction and expanding financial assistance programs could help bridge the gap between available homes and what workers can afford.
Q: What is the median household income required to afford a home in Madison County?
A: Families with a median household income of $81,966 can afford a home worth $250,000 with a 20% down payment.
Q: How many homes were listed within the $250,000 or less price range?
A: Only 136 homes were listed at $250,000 or less by the end of September.
Q: Were there more homes available in the upper affordable range?
A: Yes, there were 261 homes available in the $250,000 to $300,000 price range.
Q: What is the median sales price for a home in Madison County?
A: The median sales price for a home in the county is reported to be $331,705.
Q: Has the number of available homes increased?
A: Yes, there has been a rise in the number of available homes, with the upper affordable range experiencing a significant increase of over 91%.
– Huntsville Area Association of Realtors-University of Alabama in Huntsville Third Quarter Economic Report (URL: domain.com)