How Many Birmingham, Alabama, Single-Family Homes Are There?

The real estate market in Birmingham, AL has seen a significant increase in recent years, with an average home value of $127, 795, down 4. 5 over the past year. In September, there were 822 homes for sale, a 71. 1 increase from the previous month. The median listing home price in October 2024 was $3, 55, with affordable 2 – 3 bedroom listings.

The Birmingham real estate market saw 866 homes for sale in October 2024, a 71. 1 increase from the previous month. There are 1, 555 homes available for sale, ranging from $3K to $5. 5M. The median listing home price in October 2024 was $5, 487.

Net in-migration in Birmingham has been increasing, with an average of nearly 600 people annually since 2017. The median listing home price in October 2024 was $5, 487. Single-parent households make up 10. 72 of households in Birmingham, with neighborhoods with very few single-parent households.

In July 2024, the Birmingham area saw 1, 269 residential sales, reflecting an 18. 2 increase compared to the same period last year. The U. S. Census Bureau reports that 71. 5 percent of new single-family homes in Birmingham, AL are single-family subdivisions.

To find your dream single-family home in Birmingham, AL, use realtor. com® to view pictures, review sales history, and use detailed filters to find the perfect place. The total number of single-family homes in the city is 3, 063, with 3, 202 units.

Birmingham AL real estate listings offer a variety of properties, photos, and nearby real estate with schools. Explore homes for sale in Birmingham and learn about the housing market and real estate trends.

Who Is The Largest Holder Of Single-Family Homes?

Blackstone Group stands as the largest buyer of single-family houses in the U. S., having invested approximately $2. 5 billion for up to 16, 000 homes across various markets including Atlanta, Chicago, Las Vegas, Phoenix, and parts of California. Despite Blackstone's significant acquisitions, Invitation Homes is the largest owner of single-family rental properties in the nation, managing over 80, 000 homes as of 2021. Other key players in this market include Progress Residential with around 85, 000 homes and American Homes 4 Rent which holds approximately 57, 024 properties.

The landscape of single-family home investment has shifted notably since the Great Recession, with many corporations participating in this sector. Invitation Homes, founded in 2012 and led by CEO Dallas Tanner, actively seeks to expand its portfolio by acquiring additional properties valued at $600 million to $1 billion. Despite a competitive market, they face challenges in sourcing properties. Recent data reveals that these corporate investors account for a notable share of the 94. 6 million single-family homes in the U. S., influencing rental prices significantly.

Is There A Housing Shortage In Birmingham?

Birmingham is facing a severe housing crisis, with 6, 402 empty homes recorded despite a rising homelessness problem. A report from Birmingham City Council has highlighted a backlog of over 20, 000 households waiting for council housing, with more than 16, 000 individuals living in temporary accommodations. Experts warn that the real demand may be even higher, revealing chronic housing shortages affecting many citizens. The city also holds the third highest rate of homelessness in the UK.

Meanwhile, plans for a new housing development including a 41-storey skyscraper have been rejected due to concerns about the local housing landscape. Although some efforts are ongoing, such as transforming the old American Red Cross building into affordable housing, experts point to an estimated shortage of four to seven million homes nationwide. Within the Birmingham-Hoover metro area, over 100, 000 households are struggling to afford housing. The local housing market has displayed resilience post-pandemic but remains strained, with low inventory exacerbating the situation.

Recent statistics show that Birmingham’s housing crisis is set to deepen, prompting the city council to approve measures aimed at addressing the urgent housing shortage. Despite these efforts, funding cuts threaten the effectiveness of the housing department.

How Many Homes Are There In Birmingham?

The Birmingham City Council currently manages about 59, 000 properties, a decline from over 123, 000 in 1981. Nearly 24, 000 households are on the housing register. Renters constitute 24. 88% of the population, while 39. 58% own their homes outright. In October 2024, Birmingham's real estate market reported 866 homes for sale, a 71. 1% increase from September 2024. The median home value stands at $102, 370, with a median household income of $42, 464.

Population estimates indicate approximately 200, 431 residents as of 2023. Homes typically sell after 48 days on the market, compared to 44 days the previous year, with 179 homes sold in October—down from 191 the prior year. The city's housing units total 107, 009, with a median built year of 1965; 45. 92% of occupied units are owner-occupied, while 54. 08% are rentals. Presently, 1, 555 homes are available for sale, alongside 1, 051 rentals priced between $1, 100 and $5, 000 monthly. The average home value has decreased by 4. 5% over the last year to $127, 795. Overall, Birmingham's housing market reflects notable trends amidst changing demographics and economic conditions.

What Percentage Of Homes Are Rented Vs Owned In Birmingham Alabama?

In Birmingham, AL, 45, 966 households (54%) are renter-occupied, while 39, 033 (46%) are owner-occupied. Approximately 24. 88% of the population rents, and 39. 58% own their homes outright. A map indicates areas dominated by owners versus renters. Although homeowners outnumber renters, the disparity is decreasing due to rising housing costs. The median household wealth among homeowners remains significant. Of the 84, 999 occupied housing units in Birmingham, 54.

08% house renters, and properties bought with mortgages constitute 54. 64%. The median monthly gross rent as of 2019 was $913, reflecting trends in the Birmingham-Hoover metro area. Renters comprise 41. 1% of the local population, with 19, 348 rental units, predominantly featuring 2-bedroom apartments, which make up 42% of the market. The rental landscape has softened but is gradually improving, with the estimated vacancy rate decreasing to 10. 9%.

With a price-to-rent ratio of 14. 9, Birmingham’s rental market remains slightly affordable, averaging $1, 372 per month as of January 2024. However, 72% of residents report having less than $1, 000 in savings. Overall, the housing market in Birmingham is evolving, influenced by pandemic-related pricing trends and changing economic conditions.

How Many Social Housing Homes Are There In Birmingham?

To apply for social housing in Birmingham, you must demonstrate housing need, indicating that your current living situation is inadequate. Birmingham manages about 54, 000 social housing properties, with 5, 000 designated as supported housing. Currently, there are 39, 079 registered social housing properties in Birmingham and over 24, 500 households are on the housing register. The waiting list has reached nearly 23, 500 live applications, exacerbated by a growing backlog of assessments.

Birmingham City Council has around 59, 000 properties, a decline from over 123, 000 in 1981. Despite efforts, the council has also announced plans to keep 213 vacant newly-built homes for social housing. Birmingham's housing challenge extends to affordable options, with 10326 affordable units and an ongoing effort to support low-income families through programs like Section 8.

Although about 6, 402 properties remain vacant, the city struggles against rising homelessness rates. A significant portion of Birmingham's population, approximately 53%, are renters. As organizations like Harris Homes provide public housing assistance, the demand for affordable, accessible housing—especially for seniors and individuals with disabilities—continues. Therefore, navigating the housing register and understanding various housing providers is crucial for those seeking assistance in Birmingham's competitive housing landscape.

How Many Homes Are There In Alabama?

Alabama has 2, 296, 920 housing units, with a median construction year of 1985. Among the 1, 933, 150 occupied units, 69. 72% are owner-occupied while 30. 28% consist of renters. In October, Alabama recorded 4, 880 home sales, representing an 8. 6% decrease from the previous month and a 12. 8% decline from last year, with a median sales price of $220, 196—down 2. 1% month-over-month yet an annual increase. The state has 305, 749 mobile homes, accounting for 13.

5% of the housing stock, as per the 2017 American Community Survey. Overall, 2023 saw a significant decline in home sales activity to 76, 258 sales, a drop of 30. 5% from 2022. In October, home prices rose by 2. 7% year-over-year, with a 7. 7% increase in sold homes. Alabama has fewer than 3, 000 homeowners' associations (HOAs), serving 99, 600 homes, indicating that around 4. 89% of the population resides in HOA communities. The state comprises 67 counties and 461 municipalities, including 174 cities and 287 towns, covering only 9.

6% of the land. Despite housing challenges, homelessness in Alabama affects roughly 3, 434 individuals daily. Additionally, the median value of owner-occupied housing units from 2018-2022 reflects a diverse housing market amidst varying economic conditions.

Do Most People Own Homes Or Rent?

As of the third fiscal quarter of 2023, the national homeownership rate in the U. S. is 66. 0%, reflecting a slight increase from the prior quarter. Out of approximately 129. 9 million households, about 84. 6 million are homeowners, while around 45. 2 million rent. Although homeowners outnumber renters, the gap is decreasing as housing costs rise. The median household wealth for homeowners notably surpasses that of renters. Most Americans do own homes, yet a significant portion of the population remains renters.

Data shows that individuals primarily own rental properties, but only a fraction have rental investments. Demographic factors such as age, race, income, and education heavily influence homeownership trends. Younger individuals, particularly those under 35, predominantly comprise the renting population, while over 70% of homeowners are aged 45 or older. A significant percentage of homeowners express satisfaction with their neighborhoods, citing good schools.

Furthermore, disparities exist among racial groups; Black and Hispanic families are statistically more inclined to rent compared to white households. In 2020, lower-income families recorded the highest homeownership rates in four years. Overall, the statistics indicate a clear preference for homeownership among Americans, despite the growing number of renters. Economic challenges, particularly high living costs, continue to hinder potential homeowners from achieving their homeownership goals.

What Percentage Of U.S. Homes Are Single-Family?

According to the American Community Survey, in 2018, there were 138 million homes in the U. S., with 67% being single-family units, 27% multifamily, and 6% manufactured housing. By 2021, around 82 million of the 129 million occupied units were single-family homes, and single-person households represented 28% of all U. S. households, equating to 37 million. Owner-occupied households reached 60. 6% of total units by 2020. In 2019, 14 million households rented single-family units, representing one-third of renter households.

By early 2022, about 5% of the 14 million single-family rentals were owned by large institutions, which may own around 7. 6 million homes by 2030. The Urban Institute reported in June 2022 that such investors owned 574, 000 single-family homes. From 2021 to 2023, the median sales price of existing single-family homes showed a comprehensive breakdown for over 300 cities, reflecting ongoing investor activity. As of March 2023, these investors comprised 27% of all housing ownership.

Notably, children living with single parents amounted to 15. 09 million in 2023, emphasizing varying family structures. States like New York and Florida lead in single-family home populations, although a significant percentage of lower-income households own homes.

How Many Single-Family Rental Homes Are There In The US?

As of 2021, there were approximately 14. 3 million households renting single-family homes in the United States, representing around 33% of all renters. This figure is slightly down from 14. 1 million in 2020 and 14 million in 2019. The trend indicates a decline in single-family rentals in recent years, likely due to a strengthening for-sale market that has led many homes to revert to owner occupancy. In 2019, over 45 million individuals lived in rented single-family homes, with young, modest-income households with children being prominent among these renters.

As of 2022, nearly half of American renters were under the age of 30, and a significant proportion faced economic challenges, with 28% paying over 50% of their income on rent. The majority of U. S. housing units are single-family homes, totaling about 82 million of 129 million occupied units as of 2021. Institutional investors have been increasingly acquiring single-family rental properties, owning over 450, 000 homes as of 2022, with estimates suggesting larger ownership in the following years.

The rental market remains dynamic, with an upward trend in the number of renters since 2010 and increasing median rents projected at 26% for multifamily units and 41% for single-family homes by mid-2024.