Quick facts: Addison, AL

Quick Facts

93
Cost of Living
below US average
669
Population
22.42
Crime Rate per 1000
below US average
$47,188
Median Income
below US average
$125,900
Median House Price
above US average
$1372
Average Rent
below US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $47,188.

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Income Needed to Buy

βœ“ Affordable
$39k/year
Based on $125,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($47,188) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$59k/year
Based on $1372/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $59k vs median $47,188
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Addison, AL

Addison is a small town located in Cullman County, Alabama. With a population of around 1,000 residents, it offers a tight-knit community atmosphere and a slower-paced lifestyle. The town is known for its picturesque landscapes, including nearby lakes and rolling hills, making it an appealing destination for outdoor enthusiasts. Addison has a rich history, with roots dating back to the early 19th century. The area boasts charming small-town architecture and friendly local businesses. Key attractions include parks and recreational areas, ideal for family outings and community events. The town is conveniently situated near larger cities, providing access to more extensive amenities while maintaining its quaint, rural charm. Residents enjoy a variety of local dining options, and the nearby area features additional recreational opportunities, such as fishing and hiking. Overall, Addison, AL, encapsulates the essence of Southern hospitality, offering a peaceful retreat with the comforts of community living amidst Alabama's natural beauty.

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