The typical owner-occupied home in Magnolia Springs is worth about $442,400, 2.1 times the Alabama median of $209,900 and 33% above the national median of $332,700. Owners pay a median $1,190 a year in property taxes, about 0.27% of their home's value, lower than the Alabama rate of 0.38%. The median household earns $86,818 a year, so the median home costs 5.1 times the median income (3.3 times for Alabama). 84% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Magnolia Springs at a glance
| Magnolia Springs | Alabama | U.S. | |
|---|---|---|---|
| Median home value | $442,400 | $209,900 | $332,700 |
| Median property tax paid per year | $1,190 | $788 | $3,119 |
| Property tax as a share of value | 0.27% | 0.38% | 0.94% |
| Median household income | $86,818 | $63,999 | $80,734 |
| Homes lived in by their owners | 84% | 70% | 65% |
| Owner homes with a mortgage | 58% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,830 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 19.0% | 21.0% |
| Median rent | $1,146 | $1,007 | $1,413 |
| Rent as a share of renters' income | 24.0% | 29.5% | 30.6% |
| Median year homes were built | 1985 | 1986 | 1980 |
| Vacant homes | 17.1% | 14.5% | 10.1% |
| Population | 1,130 | 5,086,768 | 334,922,499 |
What a typical home costs per month in Magnolia Springs
At this week's average 30-year rate of 7.11%, buying the median Magnolia Springs home of $442,400 with 20% down costs about $2,665 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,402, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $114,202 for the 20%-down payment. That payment is 37% of the median Magnolia Springs household income of $86,818; at that income and 20% down, the 28% guideline points to a home of about $336,000.
The median rent here is $1,146 a month, so owning the median home costs about $1,519 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $88,480 |
|---|---|
| Loan amount | $353,920 |
| Principal and interest | $2,381 |
| Property taxes (0.27% a year) | $100 |
| Homeowners insurance (our estimate, 0.5% a year) | $184 |
| PMI | $0 |
| Total per month | $2,665 |
Change the numbers in the calculator
| Down payment | $15,484 |
|---|---|
| Loan amount | $434,387 |
| Principal and interest | $2,922 |
| Property taxes (0.27% a year) | $100 |
| Homeowners insurance (our estimate, 0.5% a year) | $184 |
| FHA mortgage insurance | $196 |
| Total per month | $3,402 |
Change the numbers in the calculator
Questions about home buying in Magnolia Springs
What is the median home value in Magnolia Springs?
About $442,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Magnolia Springs?
Homeowners pay a median $1,190 a year, which is about 0.27% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Magnolia Springs?
For the median home with 20% down at 7.11%, the payment is about $2,665 a month. Keeping that under 28% of gross income takes about $114,202 a year.
More about Magnolia Springs
- Mortgage Refinance in Magnolia Springs
- Debt Relief in Magnolia Springs
- Home Equity Loans in Magnolia Springs
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data