The typical owner-occupied home in New Hope is worth about $163,700, 22% below the Alabama median of $209,900 and 51% below the national median of $332,700. Owners pay a median $599 a year in property taxes, about 0.37% of their home's value, close to the Alabama rate of 0.38%. The median household earns $83,816 a year, so the median home costs 2.0 times the median income (3.3 times for Alabama). 82% of occupied homes here are lived in by their owners, and 70% of those owners still have a mortgage.
New Hope at a glance
| New Hope | Alabama | U.S. | |
|---|---|---|---|
| Median home value | $163,700 | $209,900 | $332,700 |
| Median property tax paid per year | $599 | $788 | $3,119 |
| Property tax as a share of value | 0.37% | 0.38% | 0.94% |
| Median household income | $83,816 | $63,999 | $80,734 |
| Homes lived in by their owners | 82% | 70% | 65% |
| Owner homes with a mortgage | 70% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,130 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 13.3% | 19.0% | 21.0% |
| Median rent | $1,075 | $1,007 | $1,413 |
| Rent as a share of renters' income | 41.2% | 29.5% | 30.6% |
| Median year homes were built | 1989 | 1986 | 1980 |
| Vacant homes | 10.8% | 14.5% | 10.1% |
| Population | 2,911 | 5,086,768 | 334,922,499 |
What a typical home costs per month in New Hope
At this week's average 30-year rate of 7.11%, buying the median New Hope home of $163,700 with 20% down costs about $1,000 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,272, 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 $42,843 for the 20%-down payment. That payment is 14% of the median New Hope household income of $83,816; at that income and 20% down, the 28% guideline points to a home of about $320,000.
The median rent here is $1,075 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $32,740 |
|---|---|
| Loan amount | $130,960 |
| Principal and interest | $881 |
| Property taxes (0.37% a year) | $50 |
| Homeowners insurance (our estimate, 0.5% a year) | $68 |
| PMI | $0 |
| Total per month | $1,000 |
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| Down payment | $5,730 |
|---|---|
| Loan amount | $160,735 |
| Principal and interest | $1,081 |
| Property taxes (0.37% a year) | $50 |
| Homeowners insurance (our estimate, 0.5% a year) | $68 |
| FHA mortgage insurance | $72 |
| Total per month | $1,272 |
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Questions about home buying in New Hope
What is the median home value in New Hope?
About $163,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Hope?
Homeowners pay a median $599 a year, which is about 0.37% 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 New Hope?
For the median home with 20% down at 7.11%, the payment is about $1,000 a month. Keeping that under 28% of gross income takes about $42,843 a year.
More about New Hope
- Mortgage Refinance in New Hope
- Debt Relief in New Hope
- Home Equity Loans in New Hope
- 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