Birmingham, Alabama Market Data
Birmingham is in the midst of a continued recovery from the economic downturn. The city posted a net-gain in jobs, occupancy and rental rates, which has helped spur new development, particularly at close-in urban locations.
- The median monthly gross residential rent in Birmingham, AL is $758.
- Birmingham’s median household income is $44,244, and the average household net worth is $358,082.
- The current population of the Birmingham MSA is 1.2M with the median age of 37.
- Birmingham’s GDP has outpaced national growth, and Birmingham’s vacancy rates are at their lowest levels since 1997.
- Birmingham’s job creation index is 16th in the country.
- Birmingham’s Cost of Living: 1.3% below the national average.
- Birmingham’s unemployment rate has been steadily declining over the past few years, and currently sits well below the national average (4%) at 3.1%
- 31% of Birmingham’s population are long term residents having lived in their homes for more than 5 years, while 17% of Birmingham’s population have moved in the last year.
- In 2018, Amazon announced plans to build a new $325million fulfillment center in Bessemer, but have already opened an 18,000 sqft sortation center in north Birmingham.
- Birmingham’s own tech startup-turned-household-name, Shipt, announced a new headquarters in the city’s tallest building, where they will add more than 880 jobs and continue an expansion anticipated to generate more than $1 billion in payroll over the next 20 years.
- In 1995 Mercedes Benz chose a site just west of Birmingham to build its first assembly plant outside Germany. The plant produces the popular M-Class All Activity Vehicle. A $600 million expansion was recently completed and Mercedes has announced they will begin manufacturing the C-class vehicle at this factory in 2015.
- The University of Alabama at Birmingham (UAB) and its adjacent hospital is the largest employer in Alabama with over 18,750 employees. UAB’s campus now encompasses more than 90 square blocks of downtown Birmingham.
- Birmingham is home to the national headquarters for Regions Bank, Protective Life, Infinity Property & Casualty, ProAssurance, and Liberty National that all provide substantial employment opportunities to residents.
- Birmingham is home to a number of colleges and higher learning institutes including University of Alabama at Birmingham, Samford, Montevallo, Birmingham-Southern College, Miles, Lawson State, and Jefferson State Community College. All of these higher learning institutions bring potential rental residents into the Birmingham market.