Mortgage payment estimates, closing cost breakdowns, and homebuying data for Montgomery, Alabama.
Pre-filled with Montgomery median home price and Alabama tax/insurance rates. Adjust for your property.
Estimated closing costs based on Alabama rates and fees applied to Montgomery prices.
The median home price in Montgomery is $175,000, 24% below the Alabama state median of $230,000. With a population of 200,603, Montgomery is a mid-size city where home prices tend to be more accessible than in many parts of Alabama.
Property taxes in Alabama average 0.41% annually. This low property tax rate is a significant advantage for Montgomery buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Alabama runs approximately $1,950 per year. This is within the normal range nationally.
Average rent in Montgomery is $1,050/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Montgomery over the long term.
Montgomery offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Alabama's Alabama Housing Finance Authority Step Up program.