Mobile, Alabama

In the state of Alabama, the sales price of houses went up 13.6 % over the previous year. This big increase could be a signal of a possible big rise in Alabama’s market for housing. The home market in Mobile may be a big reason for this huge increase.

The home market in Mobile, Alabama is currently increasing by 7.2%. Nationally, the market is currently increasing at a slower rate of 5.7%. Even though the Mobile rates are so strong, real estate in Mobile is still viewed as much more affordable than the affordability on a national level.

Mobile has a house cost median presently at $112,000. $208,0687 is the national average house cost median. Yet, relative to the previous year, the cost of homes keeps growing. It looks like real estate in Mobile is going to keep being active and moving upward in value.

The economic fundamentals in Mobile have a polarizing behavior. There is the quick increase of the value of houses, but job-wise things are not encouraging.  Although job numbers are slightly better than last year, the Mobile unemployment rate of 6.2% is higher than it is nationally.

The rate of job growth (or lack of it) is even of greater concern. The job growth rate of Mobile hit a bottom of -03% in the past year.

On the other hand, Mobile nearly makes up for its low job growth rate because the homes are so affordable. In the nation, Mobile, Alabama is one of the best markets for affordability.  Additionally, on a historic basis it is strong and continues to get better.

Here are a couple of incredible statistics: In Mobile, owners of homes spend only 7.4% of their monthly earnings on their mortgage. Nationally, home owners spend around 15.1% of their monthly earnings on their mortgage. That is more than double what Mobile home owners are paying.

This affordability will keep on attracting first-time home buyers as well as those who want to invest in Mobile home real estate.

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