Hoover Among Healthiest Housing Markets In Alabama: Study

HOOVER, AL — Hoover is among the ten healthiest housing markets in Alabama, according to a recent study.

Financial analysis website SmartAsset recently released its seventh annual study on the Healthiest Housing Markets in Alabama, which weighed factors including stability, risk of loss, the ease of selling a home and home costs as a percentage of local median income.

The ten healthiest markets in Alabama include:

1. Mountain Brook
2. Alabaster
3. Moody
4. Trussville
5. Pelham
6. Vestavia Hills
7. Clay
8. Gardendale
9. Leeds
10. Hoover

SmartAsset measured stability with two equally weighted indicators: the number of years people remain in their homes and the percentage of homeowners with negative equity.

To measure risk, the study used the percentage of homes that decreased in value. To determine housing market fluidity, SmartAsset looked at data on the average time a "for-sale" home in each area spent on the market - the longer homes take to sell, the less fluid the market.

Finally, the study calculated affordability by determining the monthly cost of owning a home as a percentage of household income in each city.

Hoover residents averaged 9.6 years living in their homes, 7.7 percent of homes with negative equity, 12 percent of homes decreasing in value, an average of 83.7 days homes stayed on the market and an 81,53 Healthy Market Index.