It is increasingly common to find people seeking a permanent or temporary break from the fast-paced life of major cities to small towns with serene environment. That’s why I have thought it wise to bring to your knowledge an overview of the real estate market of one of such towns – Mentone, Alabama.
Currently, the little-known Mentone town which is located in Dekalb County and sits atop Lookout Mountain in the northwest of Alabama has a population of 360 people according to the 2010 census. Of those 360 people, 4.2% identified themselves to be of two or more races.
Native American was 1.4% and 1.9% of the population was African American with the whites being the dominant race in the community at 92.2%. 52.78% of the population were female and 47.22% male.
Also, worth mentioning are the median household and per capita incomes according to the 2010 estimate. The former stood at $26,506, while the latter was $22,787. The town has a single public school that serves 104 students.
Mentone, Alabama is not as family-centric as other neighboring counties with only 27.27% being the total estimate of homes that are inhabited by married couples with children.
The town is comprised of 172 households with 9.3% of the households being renters. The average size of the town’s homes is an average of 2.27 persons. The real estate market of Mentone, Alabama is a reasonably affordable one, I would say.
Basically, any household’s rent payment that exceeds 30% of their gross earnings is considered Rent Overburdened. Also, renting at a rate higher than the median rent of 37.5% is regarded as Rent Overburdened for those households whose gross-income a month is not up to $2,627.
What this implies is that an individual’s income determines the eligibility of affordable housing program. However, the income of every household in a given area in Mentone is obtainable through a process referred to as Area Median Income (AMI).
This process involves the statistical comparison of the income of all the households in one area. U.S. Housing and Urban Development (HUD) is the department saddled with the task of calculating and publishing the AMI annually.
The eligibility of most affordable housing programs in Mentone is dependent on a household’s income as determined by the AMI’s percent. Some of the programs that determine eligibility based on the AMI calculation include: LIHTC, HOME, SECTION 8, etc.
So, going by the facts above about Mentone, Alabama, don’t you agree the town’s Real Estate Market is a relatively affordable one?