NYT ranks Birmingham amongst top cities to buy a home – here’s why

The New York Times recently published an article on how long it takes the average earner to save for the average house down payment. Although affording a home is difficult for anyone in today’s market, Birmingham ranked low at 2.4 years, inspiring optimism when compared to Los Angeles, which takes 36.3 years.

Keep reading to see what The New York Times said about saving for a home in the Magic City.

Birmingham area homes are more attainable than most large metro areas in the U.S.

As home prices rise, many worry that owning a home is out of reach. United States home prices reached a record high in April, driven by a shortage of available homes.

However, Birmingham ranks third in cities that take the fewest years to save up for a down payment on a home, according to The New York Times.

Here are the top five cities that take the least time to save:

Here are the top five cities that take the most time to save:

The New York Times reports that generational wealth is helping people afford housing.

Additionally, a Zillow study reveals that 43% of buyers last year got help with their down payment from family or friends.

More about the Birmingham housing market

In May this year, Birmingham home prices were down 7.9% compared to last year, selling for a median price of $198K. On average, homes in Birmingham sell after 48 days on the market compared to 43 days last year. There were 285 homes sold in May, down from 316 last year, according to Redfin.

Here’s where median home prices currently stand in some of the Birmingham metro’s larger cities:

• Gardendale: $275,000
• Homewood: $454,000
• Hoover: $450,000
• Mountain Brook: $894,500
• Oneonta: $321,000
• Pelham: $330,000
• Pell City: $287,000
• Springville: $325,000
• Trussville: $385,000
• Vestavia Hills: $515,000
• Bessemer: $219k
• Norwood: $242.4k
• Gardendale: $274.5k
• Ensley: $83k

Here’s where home prices stand in the Birmingham metro now

What do you think the future of the Birmingham housing market looks like? Tag us @bhamnow to let us know your thoughts.