Reviewed by: Pat Byington
NEW: Alabama makes top 10 list of least expensive states to own a home
Whether you’re looking to be an homeowner in Alabama or have been one for years, I’ve got good news for you. Alabama just made the top 10 in Business Insider’s “The 10 least expensive states to own a home.” Keep reading for why.
Why Alabama is #10 on the list of least expensive states to own a home
To find the least expensive states to own a home, Business Insider turned to fintech company Self. To provide a baseline for comparison, Self found that $623,290 is the average amount that an homeowner in the US pays over the period of owning the home—13.2 years on average.
That’s a big investment of both time and money. However, the good news for Alabamians is that the cost of homeownership in our state is significantly lower than the national average. Here are the stats, according to Self as quoted in Business Insider.
- Average cost of owning one home over 13.2 years: $430,415
- Average purchasing and closing costs: $30,851
- Average cost of mortgage repayments over 13.2 years: $216,374
- Average cost of maintenance for one home over 13.2 years:$115,666
- Average cost of utilities for one home over 13.2 years: $65,413
That $430,415 stat is almost $200K less than the national average!
Alabama neighborhood guides
If you’re on a homeownership journey yourself, we’ve got you covered. Here are some neighborhood guides and tours in some of the most popular areas in the state to help you get started.
- Huntsville + Madison
- Birmingham Metro Area
Want updates like this delivered straight to your inbox? Sign up for our newsletter today.
