If you have ever been to the southern part of the United States, you have probably seen some amazing places and landmarks. However, Alabama is probably the most affordable place to live in the South. They have low housing costs, low taxes, and very low electricity costs in relation to other states. All those things add up to a very affordable place to buy a home.
Low Housing Costs
Located in the Deep South between Mississippi and Georgia, Alabama is home to some of the most affordable real estate in the nation. Average home sale prices are often more than 30% lower than the national average. If you’re looking to buy a home in Alabama you will definitely get a lot of bang for your buck here. Many people joke around that you can buy a mansion in Alabama for the same price as a shack in Los Angeles. While this might be a bit of an exaggeration, you will be amazed at how much house you can buy in Alabama.
Not only are housing prices cheaper, property taxes in Alabama are among some of the lowest rates nationally. When you have a high valued home, property taxes often cost thousands of dollars a year and can really make a dent in your budget. But having a favorable tax structure, owning property in Alabama is affordable for most of its citizens.
Cheap Living in Alabama
Overall, if you enjoy living in an affordable house with low taxes and low utility rates, then move to Alabama. While it is not always that simple, home-ownership is a dream that many people can never find in the high cost areas of the east and west coasts. The one thing I can guarantee is they can find affordability in Alabama.
Low Taxes and Utilities
If you think you could get any better, electricity rates in Alabama are often listed as the lowest in the southern region of the United States. That really means a lot when you have some days in the summer of 100° and the air conditioners are running all day long. If you can deal with the heat, there is no reason not to move Alabama when you buy your next home. So now that we have talked about the cheap real estate in Alabama,let us talk a bit about some the job opportunities, as well as, the great cities in the state.
Many Jobs in Alabama
Much of Alabama’s growing with the influx of jobs in the manufacturing, mining, healthcare and banking industries. Honda has generated nearly 70,000 jobs in the state in the last 15 years making Alabama one of the leading automobile producers in the nation. Hyundai and Mercedes-Benz also have plants here.
Cities in Alabama
Birmingham Alabama is the home to many jobs and healthcare industry. From HealthSouth, UAB Hospital, and Naphcare, there are many employment opportunities in the Birmingham area. Being the largest city in Alabama with over 230,000 people, there is much to do in this town that also is home to a few colleges. It combines culture, sports, and a great history to provide its citizens with many things to do. With the growing season over 300 days long, farmers in the area can almost always produce a healthy crop, depending on the rain of course.
The great city of Birmingham has much more to offer than healthcare though, as AT&T has a major presence in the city. Jobs are abundant in this town, but even with that, mortgages are still very affordable here.
Another great Alabama city is Huntsville. Quoted by Fortune magazine as one of the top 10 places in the country to do business, dozens of the Fortune 500 companies make this city their home for least part of their operations.
Huntsville is a growing city with many jobs in the military and aerospace fields. NASA has a headquarters here as well, giving the region many jobs. Most of the jobs in this area are high-paying as well, since many engineers work at these companies. Even with all the high-paying jobs the housing market is very affordable and many people can qualify for a mortgage with a good interest rate.
If being by the ocean is your thing then perhaps Mobile Alabama is the place for you. Mobile is the only salt water port in the state, and accordingly it has many jobs the shipping industry. Is one of the top 10 largest ports in the United States and is a vital shipping component in the South.
Mobile Alabama is also well-known for its tourism that generates billions of dollars a year annually from people in the city, as well as, tourists from all over the country. This truly a great city with a rich culture that everyone should visit at least once.
There are many other great cities in Alabama such as Florence, Tuscaloosa, and Montgomery. However,if the city life is not for you, there is much country and backwoods areas of the state that are even more affordable than the cities we have talked about. You can own lots of acres of land and build your dream house if you want to.
If buying a home is an option for you, consider Alabama, with its affordable living and good mortgage rates, would make an excellent home.
Alabama Mortgage Lenders
There are many lenders looking to give you an affordable mortgage for your well priced home. Mortgage rates in Alabama are very similar to the national rates, and in some cases may be a bit lower. Be sure to shop around for the best mortgage rate possible as competition is intense.
There are many lenders competing for your business, so be sure not to use the first one you go to. If you feel pressured or forced into a mortgage in any way, be sure to not use that lender and find one that will treat you with the respect you deserve.
With all the affordable property in the state, combined with average to lower than average mortgage rates, and a very good job market Alabama is truly one of the best states in the South and the United States. Also, this state has shown strength when dealing with this struggling economy. Hopefully they can continue the strong trend and the other states around it will continue to grow and help the country from this recession.
Foreclosure Process
Let’s talk about a little more detail on how mortgages work in Alabama in case of default. Both judicial and nonjudicial foreclosures are possible this state, however most are processed as nonjudicial. While the lender can sue you for the deficiency, this practice is not that common as the court costs involved for the lender will add up and normally the borrower will have no money to pay anyway.
One interesting fact about Alabama is that the owner of the home that has been foreclosed upon has one year from the foreclosure to redeem the property. This right of redemption is very important for all the banks and mortgage lenders to follow or else they risk violating various laws.
While no one plans on getting foreclosed upon, these things do happen. It is said in tragic day when a person cannot pay their mortgage, but sometimes foreclosure is necessary and that borrower should always know all their options.
It is also important to note that if you have a second or third mortgage on your property they could also sue you for the remaining balance. Often times though, the different mortgage companies will try to work together so each lien holder will get at least a little bit of money.