Rainbow City, AL


Highest Appreciating Rainbow City Neighborhoods Since 2000

Rainbow City, AL Real Estate Data

Rainbow City Housing Market Information

With a population of 9,580, 4,014 total housing units (homes and apartments), and a median house value of $149,201, Rainbow City real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Rainbow City, accounting for 68.94% of the city's housing units. Other types of housing that are prevalent in Rainbow City include large apartment complexes or high rise apartments ( 18.59%), mobile homes or trailers ( 8.54%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.94%).

The most prevalent building size and type in Rainbow City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.43% owning and 36.57% renting.

There is a lot of housing in Rainbow City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Rainbow City built between 2000 and later ( 19.16%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.54%). There's also some housing in Rainbow City built before 1939 ( 2.09%).

Vacant housing appears to be an issue in Rainbow City. Fully 10.76% of the housing stock is classified as vacant. Left unchecked, vacant Rainbow City homes and apartments can be a drag on the real estate market, holding Rainbow City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Rainbow City Home Appreciation Rates

Real estate appreciation rates in Rainbow City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.17% during the period.

Over the last year, Rainbow City appreciation rates have trailed the rest of the nation. In the last twelve months, Rainbow City's appreciation rate has been 4.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Rainbow City were at 1.17%, which equates to an annual appreciation rate of 4.75%.

Relative to Alabama, our data show that Rainbow City's latest annual appreciation rate is higher than 60% of the other cities and towns in Alabama.

Average Home Values


Median Home Value:

Rainbow City, AL HOME PRICES

Value Range
> $1,054,000 1.9
$790,001 - $1,054,000 0.2
$527,001 - $790,000 1.0
$421,001 - $527,000 3.7
$316,001 - $421,000 3.7
$211,001 - $316,000 11.3
$106,001 - $211,000 52.7
$52,001 - $106,000 13.5
$0 - $52,000 12.1

Very High for AL
Average for Nation

Value Relative to Nation Value Relative to State
51.1623821514317 16.0

Number Of Homes And Apartments:

Rent & Ownership


Average Market Rent:
$1,119 / per month

Homeownership Rate

Owners 63.43
Renters 36.57
Vacant 10.76

Housing Market Details


Age of Homes

AGE OF Rainbow City HOMES
2000 or Newer 19.2
1970 - 1999 62.2
1940 - 1969 16.5
1939 or Older 2.1

Types of Homes

TYPE OF Rainbow City HOMES
Single-Family 68.9
Townhomes 0.0
Small Apt. Buildings 3.9
Apt. Complexes 18.6
Mobile Homes 8.5
Other 0.0

Home Size

SIZE OF Rainbow City HOMES
No Bedroom 0.00
1 Bedroom 3.62
2 Bedrooms 25.70
3 Bedrooms 56.51
4 Bedrooms 10.98
5 or more bedrooms 3.18

Rainbow City Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
24.52% 1.30% 4 2
* 10 is highest

Popular Neighborhoods in Rainbow City

Zip Codes in Rainbow City, AL