Rent, population, and median household income are important factors to consider for a 1031 exchange in Homewood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Homewood, Alabama is a part of the Central Birmingham submarket area.
Homewood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Homewood, AL submarket area was $951, which is 30.10% higher than 2014 average rent. This represents a compounded annual growth rate of 5.40%. 2019 vacancy in Homewood, AL was 5.70%.
The total population of the city of Homewood, AL has grown 0.91% since 2010. As of 2018, the population was 25,397. The median household income of the Homewood was $77,629, which is 28.75% higher than the national average.
- submarket area Central Birmingham
- avg rent $951
- rent growth 30.10%
- vacancy 5.70%
- median income $77,629
- population (2018) 25,397
- population growth 0.91%
- vs. nat'l avg 28.75%