Rainbow City, AL Real Estate
According to census data in the year 2000 there were 3,850 housing units in Rainbow City.
This represents a 21.4% growth from 3,172 in 1990.
Of those housing units, 2,607 were located in either urbanized areas or urban clusters, and 1,243 were located in what is classified as a rural area.
Homeownership rate in Rainbow City is about 68.3%.
Rainbow City's vacancy rate, including seasonal lodging, is about 5.8%.
Average household size is 2.37 people.
The majority of houses, apartments or condos in Rainbow City were built after 1977.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 0.20% |
| One Bedroom | 7.40% |
| Two Bedrooms | 26.80% |
| Three Bedrooms | 49.90% |
| Four Bedrooms | 13% |
| Five Bedrooms or more | 2.90% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.49 |
| Median year structure was built | 1976 |
| Median Value of occupied units | $108,200 |
| Median Price asked for vacant units | $108,900 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.12 |
| Median year structure was built | 1981 |
| Median Monthly Rent asked for vacant units | $405 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.50% |
| Second Mortgage | 6.30% |
| Home Equity Loan | 7.80% |
| Simple Mortgage | 41.20% |
| Debt Free | 44.20% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 15.1% |
