salaryRent is lower than in 64% of U.S. cities. A typical house costs about 5.5 years of household income. Commutes are short, about 17.1 minutes. It is a highly educated city: 70.9% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $55,800 a year. That is $27 an hour at a full-time job.
Is rent cheaper than other Alabama cities?
No. Rent here is more expensive than in most of Alabama. It is number 84 of 120 cities from cheapest to most expensive.
How much do households earn in Homewood?
Share of households by yearly income. 43.6% of households earn $100,000 or more.
Rent by apartment size in Homewood
| Size | Homewood | U.S. average |
|---|---|---|
| 1 bedroom | $1,251 | $1,324 |
| 2 bedrooms | $1,548 | $1,509 |
| 3 bedrooms | $1,903 | $1,698 |
| 4 bedrooms | $1,363 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Homewood overall?
Everyday prices in Alabama overall are 11% below the U.S. average (index 88.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Homewood, so the Alabama figure is shown.
Taxes and bills in Homewood
Life in Homewood
Is it cheaper to rent or buy in Homewood?
Renting is cheaper right now: about $2,480 a month less.
Owning assumes a typical $558,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $55,850 for the down payment.
Frequently asked questions
What is the average rent in Homewood, AL?
Renting in Homewood costs a median of about $1,395 a month in 2026, including utilities. The Alabama median is $1,175.
How much do I need to make to live in Homewood?
To keep rent under 30% of income, you need about $55,800 a year, or $27 an hour at a full-time job.
Is Homewood cheap or expensive?
Homewood is rated Cheap: rent takes 16.4% of the typical household income of $101,902. It ranks 84th cheapest of 120 Alabama cities we track.
How much are property taxes in Homewood?
The median homeowner in Homewood pays $3,478 a year in property taxes, about 0.62% of the median home value.
Is Homewood more expensive than the national average?
Overall prices in Alabama are 11% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Homewood?
The median home value in Homewood is $558,500, about 5.5 times the typical yearly household income.
27,829 people live in Homewood. Numbers are typical (middle) values.