The typical owner-occupied home in Theodore is worth about $154,900, 26% below the Alabama median of $209,900 and 53% below the national median of $332,700. Owners pay a median $688 a year in property taxes, about 0.44% of their home's value, higher than the Alabama rate of 0.38%. The median household earns $67,864 a year, so the median home costs 2.3 times the median income (3.3 times for Alabama). 92% of occupied homes here are lived in by their owners, and 71% of those owners still have a mortgage.
Theodore at a glance
| Theodore | Alabama | U.S. | |
|---|---|---|---|
| Median home value | $154,900 | $209,900 | $332,700 |
| Median property tax paid per year | $688 | $788 | $3,119 |
| Property tax as a share of value | 0.44% | 0.38% | 0.94% |
| Median household income | $67,864 | $63,999 | $80,734 |
| Homes lived in by their owners | 92% | 70% | 65% |
| Owner homes with a mortgage | 71% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,221 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 23.5% | 19.0% | 21.0% |
| Median rent | $1,244 | $1,007 | $1,413 |
| Rent as a share of renters' income | 27.3% | 29.5% | 30.6% |
| Median year homes were built | 1989 | 1986 | 1980 |
| Vacant homes | 8.5% | 14.5% | 10.1% |
| Population | 4,964 | 5,086,768 | 334,922,499 |
What a typical home costs per month in Theodore
At this week's average 30-year rate of 7.11%, buying the median Theodore home of $154,900 with 20% down costs about $955 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,213, 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 $40,927 for the 20%-down payment. That payment is 17% of the median Theodore household income of $67,864; at that income and 20% down, the 28% guideline points to a home of about $257,000.
The median rent here is $1,244 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $30,980 |
|---|---|
| Loan amount | $123,920 |
| Principal and interest | $834 |
| Property taxes (0.44% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| PMI | $0 |
| Total per month | $955 |
Change the numbers in the calculator
| Down payment | $5,422 |
|---|---|
| Loan amount | $152,094 |
| Principal and interest | $1,023 |
| Property taxes (0.44% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| FHA mortgage insurance | $69 |
| Total per month | $1,213 |
Change the numbers in the calculator
Questions about home buying in Theodore
What is the median home value in Theodore?
About $154,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Theodore?
Homeowners pay a median $688 a year, which is about 0.44% 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 Theodore?
For the median home with 20% down at 7.11%, the payment is about $955 a month. Keeping that under 28% of gross income takes about $40,927 a year.
More about Theodore
- Mortgage Refinance in Theodore
- Debt Relief in Theodore
- Home Equity Loans in Theodore
- 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