We all know the story: Places with terrific employment opportunities usually have crazy expensive real estate prices. When we read in the The New York Times that the first Airbus factory in the U.S. was opening in Mobile, AL, we wondered: Will 4,000 jobs in a city of nearly 20,000 help make it a more desirable place to live?
The city does have some strikes against it. Crime, per our data, is higher than both the Alabama and U.S. averages. And, said Layla Christian, a Realtor® with Re/Max Partners in Mobile, “the areas that were flooded by Katrina are still struggling. A lot of people’s homes were flooded or damaged.” She noted that, like most cities, there are places to avoid: Downtown is not the best place to be at night.
But there are many safe neighborhoods—especially on the west side of Mobile—and the strength of the real estate market reflects it.
“We’ve been steadily busy,” said Christian. “This is the best year I’ve had in 10 years of real estate.”
The city remains affordable. The average home price in Mobile is $125,000. The average sold price in the city is $119,000; that’s far less than the average for Alabama, $149,040, or for our nation overall, $309,640.
You can pick up a renovated ranch, for instance, for $164,500. The neighborhood of Parkhill has stately, older, and more expensive homes, while the west side with its newer, less expensive homes is becoming a mecca for families. With so many jobs coming to a small city, the 8% unemployment rate is likely to drop, making way for more homeowners.
If manufacturing continues to grow, Mobile may just become a destination for people looking for an affordable place to live.
“When the first 20 job openings were posted in early 2014, more than 8,000 people applied,” wrote the Times. “In all, the plane maker has received more than 18,000 applications.”
Certainly the townsfolk are happy about the factory’s arrival. “Santa Claus has been here, and he’s left us an airplane,” Mobile Mayor William S. Stimpson said.
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