Birmingham provides a stable real estate market that doesn’t have the sort of wild appreciation/depreciation swings that plague bigger markets. Birmingham has an unemployment rate of 4.6%, placing it 14th out of 49 large metropolitan areas. Birmingham also ranks 19th out of 50 in job creation and boasts a GDP growth of 3.8%, outpacing the national average of 2.5%, placing the Magic City in the top 15% of metropolitan areas. Birmingham’s composite cost of living is 88.5% that of the national average with housing costs coming in at 74% of the national average. Forbes even listed Birmingham as first on its list of “America’s Most Affordable Cities.”
If you’re looking for a place to invest where taxes won’t consume most of your profit, look no further; Kiplinger ranked Alabama 5th on its list of the “Most Tax Friendly States.” Birmingham/Hoover recently made RealtyTrac’s list of “Top 25 Hidden Gem Single Family Rental Markets,” which was based on gross rental yield, expected return on investment, and maintenance fees and other costs. Birmingham also offers a city where 50% of its population rents and is a market with a 4.9 vacancy rate for multifamily rental properties.
The Birmingham metro population is around 1.1 million.
Birmingham is one of the most affordable cities in the U.S. to live.
Home prices are currently at historically low levels.
It is one of the most important business centers in the Southeastern U.S.
The local economy is diversified with manufacturing, higher education, medical professions, and banking being among the top employers.
46 percent of the population are renters.
Rental rates vs. home values allow for excellent cash flow opportunities.
Rental rates are on the rise.
Rental unit demand is currently high
Nestled at the foothills of the Appalachian Mountains at the cross-section of two major railroads, the city was once the primary industrial center of the southern United States. At the height of the nation’s manufacturing age, the city grew so fast in population, it was called the “Magic City.” Today, Birmingham has transformed itself into a medical research, banking and service-based economy, making it one of the nation’s most livable cities with a vibrant downtown, a burgeoning loft community, a world-class culinary scene and more green space per capita than any other city in the nation!
In the Media
"Ranked #1 in America's Most Affordable Cities" - Forbes
"Ranked #1 in America's Next Hot Food Cities" - Zagat