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City Report · AL

Homewood

Pop. 27,829·27th most expensive in Alabama·Homewood rents are up 12.4% over the past year
Median rent (all units)
$1,641/mo
Year-over-Year
+12.4%
Month-over-Month
-3.7%
vs US Median
-$324
Falling (Monthly)
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Most AffordableMost Expensive
Homewood · $1,641
More affordable than 66% of US cities · National median $1,965/mo
Affordability
21% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,641/mo, rent takes about 21% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$66,000/yr
Local median income
$94,485/yr
Based on the 30%-of-income rule using Homewood's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,210
1 BR
$1,380
2 BR
$1,530
3 BR
$1,910
4 BR+
$2,160
Research median
$1,530/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$19,692/yr
At $1,641/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (12.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+12.4% YoY, -3.7% MoM), not inventory.
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Demographics

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.

Population
27,829
Median income
$94,485
Median age
29
Renters
38.3%
Age distribution
25.3%
31.9%
24.7%
Under 1825.3%
18–3431.9%
35–5424.7%
55–647%
65+11%
Gender
44%
56%
Male44%
Female56%
Race & ethnicity
73.8%
16.5%
White73.8%
Black16.5%
Hispanic6%
Asian2.4%
Other1.3%
Education (25+)
15.8%
70.9%
No HS diploma3.9%
HS diploma9.4%
Some college15.8%
Bachelor's+70.9%
Housing tenure
61.7%
38.3%
Owner61.7%
Renter38.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Homewood, AL has changed in 5 years

Income
$89,433 → $94,485
up 5.6%
Population
26,206 → 27,829
up 6.2%
Renter share
35.4% → 38.3%
+2.9 pts
Bachelor's+
67.2% → 70.9%
+3.7 pts
Median age
30.7 → 29
-1.7 yrs

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%.

Community

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View Homewood rent history (2015–2026) →
Salary vs rent

Can you afford rent in Homewood on your salary?

At $1,641/mo, how Homewood rent compares to typical pay (30% rule).

By apartment size

Homewood rent by bedroom count

Median rent for each apartment size in Homewood. Click any size for full breakdown.

Local insights

Tips for renters in Homewood

About renting in Homewood, AL

Last updated: July 20, 2026

The median rent in Homewood is $1,641/mo as of July 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 21% of local median household income ($94,485/yr), Homewood ranks as affordable compared to the national benchmark of 30%. Rents have increased 12.4% over the past year.

FAQ

Frequently asked questions

Is Homewood an affordable city for renters?

Homewood is considered very affordable for renters. At $1,641/mo, rent takes approximately 21% of the local median household income ($94,485/yr). The standard benchmark is 30%. Homewood falls comfortably within that range.

How much income do you need to rent in Homewood?

To keep rent at or below 30% of gross income, you would need to earn at least $66,000/year (~$32/hour full-time) to afford the median rent of $1,641/mo in Homewood. The local median household income is $94,485/yr, meaning the typical Homewood household meets that threshold.

Is rent going up or down in Homewood?

Rent in Homewood has increased 12.4% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Homewood rent compare to other cities in Alabama?

Homewood is middle-of-the-pack for Alabama for rent, ranking #27 out of 70 tracked cities at $1,641/mo.

Which nearby cities are cheaper to rent in than Homewood?

Several nearby cities have lower median rents than Homewood ($1,641/mo): Fairfield ($1,124/mo), Midfield ($1,145/mo), Birmingham ($1,359/mo).

What percentage of Homewood residents rent vs. own?

According to Census data, approximately 38.3% of Homewood households are renters, while 61.7% are owner-occupied. Homewood leans toward homeownership, which can mean a smaller rental inventory.

How does Homewood rent compare to the national average?

Homewood's median rent of $1,641/mo is $324 (16%) below the US national median of $1,965/mo. Within Alabama, it ranks #27 out of 70 tracked cities.
Income Affordability
21%
VERY AFFORDABLE

At $1,641/mo, rent takes ~21% of Homewood's median household income ($94,485/yr). The standard benchmark is 30%.

Homewood 21%Benchmark 30%
State income tax2–5%
Run the Homewood affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Homewood, AL

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