Homewood, AL Cost Of Living
Cost Of Living In Homewood, AL Summary
Cost of living in Homewood research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Homewood is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Alabama, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Homewood is 112, with 100 being the average.
The cost of living index in Homewood is 1.1x higher than the national average.
Homewood ranks as the #110 cheapest in Alabama out of 115.
Homewood ranks as the #4,296 cheapest out of 6,412 in the US.
The median home value in Homewood is $391,500.
The median income in Homewood is $89,433.
Table Of Contents
Homewood's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Homewood, AL?
According to the most recent data on the cost of living, Homewood has an overall cost of living index of 112, which is 1.1x higher than the national index of 100.
Compared to Alabama, Homewood has a cost of living index that's 1.3x higher than Alabama's index of 88.
The standard of living in Homewood ranks as #110 most affordable out of the 115 places we measured in Alabama. By definition, that implies Homewood ranks as the #5 most expensive place in the Heart of Dixie.
For more reading on life in Homewood, check out:
- Living In Homewood
- Search Homes For Sale In Homewood, AL
In Alabama
In America
Homewood Cost Of Living Vs. Alabama
Six factors go into calculating the cost of living index in Homewood. Here is how it fairs on each of the criteria:
The Services index in Homewood is 103.
The Groceries index in Homewood is 94.
The Health index in Homewood is 90.
The Housing index in Homewood is 145.
The Transportation index in Homewood is 96.
The Utilities index in Homewood is 103.
| Living Expense | Homewood | Alabama | National Average | |
|---|---|---|---|---|
| Overall | 112 | 88 | 100 | |
| Services | 103 | 95 | 100 | |
| Groceries | 94 | 97 | 100 | |
| Health | 90 | 88 | 100 | |
| Housing | 145 | 69 | 100 | |
| Transportation | 96 | 90 | 100 | |
| Utilities | 103 | 101 | 100 | |
Homewood, AL Housing Cost Breakdown
Housing swings affordability the most between places in Alabama, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Homewood is $391,500.
The Median Rent in Homewood is $1,241.
The Median Income in Homewood is $89,433.
The Home Value To Income in Homewood is 4.4x.
The Rent To Monthly Income in Homewood is 0.17x.
| Statistic | Homewood | Alabama | United States |
|---|---|---|---|
| Median Home Value | $391,500 | $157,100 | $244,900 |
| Median Rent | $1,241 | $852 | $1,163 |
| Median Income | $89,433 | $54,943 | $69,021 |
| Home Value To Income | 4.4x | 2.9x | 3.5x |
| Rent To Monthly Income | 0.17x | 0.19x | 0.2x |
Median Home Value
Median Rent
Median Income
Homewood, AL Costs By Category
Detailed Homewood Services Costs Vs. Alabama
Detailed Homewood Groceries Costs Vs. Alabama
Detailed Homewood Health Costs Vs. Alabama
Detailed Homewood Transportation Costs Vs. Alabama
Detailed Homewood Utilities Costs Vs. Alabama
Homewood SnackAbility
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Cost Of Living In Cities Around Homewood
The cost of living varies in the cities and towns around Homewood. Here's a quick look at the cost of living in the most populous nearby places:
Birmingham, AL has a cost of living index of 87, 0.8x Homewood.
Hoover, AL has a cost of living index of 110, 1.0x Homewood.
Vestavia Hills, AL has a cost of living index of 117, 1.0x Homewood.
| City | Population | Cost Of Living | Vs. Homewood |
|---|---|---|---|
| Birmingham, AL | 202,234 | 87 | 0.8x |
| Hoover, AL | 91,371 | 110 | 1.0x |
| Vestavia Hills, AL | 38,504 | 117 | 1.0x |
| Bessemer, AL | 26,171 | 84 | 0.8x |
| Trussville, AL | 25,027 | 106 | 0.9x |
| Pelham, AL | 24,134 | 99 | 0.9x |
| Mountain Brook, AL | 22,184 | 145 | 1.3x |
| Hueytown, AL | 16,694 | 91 | 0.8x |
| Center Point, AL | 16,422 | 90 | 0.8x |
| Chelsea, AL | 14,710 | 107 | 1.0x |
