Montgomery, AL
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
affordable
Price to income
2.89×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Alabama
- 3.03×-0.14
- vs U.S.
- 3.43×-0.54
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
19.4%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Alabama
- 20.8%-1.4
- vs U.S.
- 23.3%-3.9
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.37%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Alabama
- 4.37%=
- vs U.S.
- 4.35%+0.02
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.12%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Alabama
- 0.04%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
2.23
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Alabama
- 2.50
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
very tight labor market
Unemployment
2.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Alabama
- 2.3%=
- vs U.S.
- 3.9%-1.6
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+45.2%
homeValues.yearOverYear
+3.1%
Median home value
$181,400
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $870 | $10,440 | 16.6% |
| 2 BR | $1,016 | $12,192 | 19.4% |
| 3 BR | $1,304 | $15,648 | 24.9% |
Labor market direction
Unemployment
2.3%
Median household income
$62,746
What's being built
Total TTM
857
+35.0% YoY
Single-family
823
2–4 unit
0
5+ unit
34
All 4 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Montgomery County | 228,132 | $160,100 | $58,153 | 498 | +16.9% |
| Elmore County | 87,694 | $213,600 | $75,553 | 142 | +105.8% |
| Autauga County | 58,761 | $197,900 | $69,841 | 214 | +30.5% |
| Lowndes County | 10,153 | $80,600 | $35,160 | 3 | — |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Montgomery | 384,740 | $62,746 | 2.89× | 4.37% | +45.2% | 2.23 | 2.3% |
| Tallahassee, FL | 386,064 | $63,078 | — | — | +47.3% | — | 4.9% |
| Beaumont-Port Arthur, TX | 396,279 | $65,245 | — | — | +33.7% | — | 5.2% |
| Canton-Massillon, OH | 400,960 | $65,666 | — | — | +53.1% | — | 4.4% |
| Flint, MI | 405,280 | $60,673 | — | — | +49.0% | — | 5.8% |
| Hickory-Lenoir-Morganton, NC | 366,031 | $60,255 | — | — | +64.9% | — | 3.3% |
Where people are moving in from
Net migration
-478
-0.12% of population
| Origin county | Tax returns |
|---|---|
| Montgomery County, AL | 1,235 |
| Elmore County, AL | 953 |
| Autauga County, AL | 753 |
| Jefferson County, AL | 275 |
| Lee County, AL | 230 |
| Dallas County, AL | 203 |
Who lives in Montgomery
- Median age
- 38
- Bachelor's+
- 30.4%
- Owner-occupancy
- 65.0%
- Vacancy rate
- 13.0%
- Rent burdened (30%+)
- 43.9%
- Median household income
- $62,746
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.