Why Birmingham?

Birmingham is a city in the midst of resurgence. The once sleepy city is now gaining national attention as major news outlets across the country are taking notice of the rapid redevelopment of downtown Birmingham.

Recently, The Today Show named Birmingham as one of their six “hot spots” to visit in 2014 and in the same week Southern Living Magazine’s online blog, The Daily South followed up on the story with a full feature on the top things to do in Birmingham.

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With more than 3,800 new jobs and $843 million in capital investment announced in 2013, the Birmingham region is realizing its potential as a powerhouse in Alabama and the Southeast. In fact, Birmingham’s 3.8% GDP growth from 2011 to 2012 outpaced not only Alabama’s other metros, but also the nation, which averaged growth of 2.5%. Boasting an excellent transportation infrastructure; low cost of living and doing business; unprecedented collaboration and support among local business leaders; a world-class research institution at the University of Alabama at Birmingham; a thriving technology and innovation ecosystem; and a 21st century workforce, the economic development climate in Birmingham has been the recent focus of media across the country.

This rapid redevelopment has created an ideal environment for real estate investment. Birmingham is drawing in more new residents than ever before and there is not enough high-quality housing to satisfy the demand. Conversely, there are hundreds of older homes in need of renovation that can be purchased at low cost. In short, the market is ripe for real estate investment.

Birmingham 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.
  • In the last two years, unemployment rates in Birmingham have dropped from 8.6% to 6% and are now sixth-best among all large metropolitan areas in the country, according to the U.S. Department of Labor.
  • 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 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.

Contact Us

1110 23rd Street South
Birmingham, AL 35205
www.spartaninvest.com
info@spartaninvest.com