Quick facts: Midway, AL

Quick Facts

93
Cost of Living
below US average
414
Population
Crime rate Data is updating, will be available soon
$32,000
Median Income
below US average
$98,500
Median House Price
above US average
$1372
Average Rent
below US average
Poverty rate Data is updating, will be available soon
Unemployment Data is updating, will be available soon

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 $32,000.

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Income Needed to Buy

βœ“ Affordable
$31k/year
Based on $98,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($32,000) 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 $32,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Midway, AL

Midway is a small town located in Alabama, primarily spread across Bullock and Montgomery counties. With a population of just over 1,000 residents, Midway embodies the charm of rural Southern living. The town is known for its rich history and close-knit community, offering a peaceful atmosphere away from the hustle of larger cities. Midway’s economy is largely driven by agriculture, with local farms contributing to its quaint charm. The town is characterized by its scenic landscapes, featuring lush greenery and open spaces, making it a great place for outdoor enthusiasts. The region is also steeped in history, with various historical sites and landmarks reflecting its Southern heritage. Community events and gatherings are a staple in Midway, providing residents opportunities to connect and celebrate local culture. While it may not have the urban amenities of larger cities, its small-town warmth and friendly atmosphere make it a unique place to visit or call home. Overall, Midway is a hidden gem in Alabama, ideal for those seeking tranquility and community spirit.

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