At $1,384/mo, rent takes about 18% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,384 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in Homewood changed +5.6% over the year to September 2026. Across the 48 Alabama cities Zillow tracks, the typical change was +3.3%.
30% of the median household income ($94,485) is $2,362 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,160).
Fairfield, 6 miles away, rents for 15% less ($1,177/mo), about $2,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Homewood. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Homewood, AL is majority owner-occupied, skews toward younger working-age adults, has a median income above the national average, 70.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Homewood, AL has changed in 5 years
Census figures show median household income at $94,485 today, compared with $89,433 five years earlier. Headcount in the area went from 26,206 to 27,829 between 2021 and 2024, a 6.2% change. About 38.3% of households rent today, against 35.4% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 67.2% to 70.9%.
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Can you afford rent in Homewood on your salary?
At $1,384/mo, how Homewood rent compares to typical pay (30% rule).
Homewood rent by bedroom count
Median rent for each apartment size in Homewood. Click any size for full breakdown.
Tips for renters in Homewood
Last updated: October 17, 2026
The median rent in Homewood is $1,384/mo as of October 2026. A studio apartment averages $1,210/mo while a 2-bedroom runs $1,530/mo. One-bedroom apartments average $1,380/mo and 3-bedroom units go for $1,910/mo.
At 18% of local median household income ($94,485/yr), Homewood ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.6% over the past year.
Frequently asked questions
How much income do you need to rent in Homewood?
Is rent going up or down in Homewood?
How does Homewood rent compare to other cities in Alabama?
Which nearby cities are cheaper to rent in than Homewood?
At $1,384/mo, rent takes ~18% of Homewood's median household income ($94,485/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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