The typical owner-occupied home in New Market is worth about $112,500, 46% below the Alabama median of $209,900 and 66% below the national median of $332,700. Owners pay a median $360 a year in property taxes, about 0.32% of their home's value, lower than the Alabama rate of 0.38%. The median household earns $62,500 a year, so the median home costs 1.8 times the median income (3.3 times for Alabama). 87% of occupied homes here are lived in by their owners, and 51% of those owners still have a mortgage.
New Market at a glance
| New Market | Alabama | U.S. | |
|---|---|---|---|
| Median home value | $112,500 | $209,900 | $332,700 |
| Median property tax paid per year | $360 | $788 | $3,119 |
| Property tax as a share of value | 0.32% | 0.38% | 0.94% |
| Median household income | $62,500 | $63,999 | $80,734 |
| Homes lived in by their owners | 87% | 70% | 65% |
| Owner homes with a mortgage | 51% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $979 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 14.8% | 19.0% | 21.0% |
| Median rent | $1,054 | $1,007 | $1,413 |
| Rent as a share of renters' income | 43.0% | 29.5% | 30.6% |
| Median year homes were built | 1992 | 1986 | 1980 |
| Vacant homes | 7.1% | 14.5% | 10.1% |
| Population | 1,314 | 5,086,768 | 334,922,499 |
What a typical home costs per month in New Market
At this week's average 30-year rate of 7.11%, buying the median New Market home of $112,500 with 20% down costs about $682 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $870, 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 $29,242 for the 20%-down payment. That payment is 13% of the median New Market household income of $62,500; at that income and 20% down, the 28% guideline points to a home of about $240,000.
The median rent here is $1,054 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $22,500 |
|---|---|
| Loan amount | $90,000 |
| Principal and interest | $605 |
| Property taxes (0.32% a year) | $30 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| PMI | $0 |
| Total per month | $682 |
Change the numbers in the calculator
| Down payment | $3,938 |
|---|---|
| Loan amount | $110,462 |
| Principal and interest | $743 |
| Property taxes (0.32% a year) | $30 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| FHA mortgage insurance | $50 |
| Total per month | $870 |
Change the numbers in the calculator
Questions about home buying in New Market
What is the median home value in New Market?
About $112,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Market?
Homeowners pay a median $360 a year, which is about 0.32% 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 Market?
For the median home with 20% down at 7.11%, the payment is about $682 a month. Keeping that under 28% of gross income takes about $29,242 a year.
More about New Market
- Mortgage Refinance in New Market
- Debt Relief in New Market
- Home Equity Loans in New Market
- 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