Moving to Huntsville, AL: Today, the city is considered to be one of the top high-tech centers in the world. The city is home to more than 25 biotech companies thanks to the Huntsville Biotech Initiative and houses the country’s second-largest science and technology park.
With a broadly diverse population attracted by the science and engineering sectors over the decades, the arts, entertainment, cuisine, and even shopping opportunities in the city have evolved. Huntsville offers natural scenery, an abundance of outdoor opportunities, a high-quality lifestyle but low living costs, and convenient access to Nashville, Chattanooga, Atlanta, Birmingham, and Memphis, nestled in the lower end of the Appalachian Mountains range among hills on the northern side of the Tennessee River.
Huntsville’s history is rich and varied from the birthplace of the Chickasaw, a basic system during the Civil War, a center of textile manufacturing, the Civil Rights period, munitions, and missile production, and the staging site of the country’s space program, to biotechnology and high tech.
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Huntsville has around 193,079 citizens and is Alabama’s third-most populated city. The city sits amid the magnificent limestone hills of the Cumberland Plateau, covering about 214 square miles, where you can enjoy all sorts of outdoor adventures. It’s no wonder that Huntsville is Alabama’s fastest-growing city with a great job market, a renovated downtown, gentrified neighborhoods, and much more.
With the average home price at $153,900, for a 30-year fixed-rate loan, mortgage rates within Alabama run about 3.81 percent. The Huntsville housing market is “very strong” as of Fall 2020, according to zillow.com. While a reasonable $153,900 is the home price value, the median list price is actually $264,900. As Alabama’s fastest-growing city, housing prices are rising fast.
Compared to the rest of the state and the nation, Huntsville’s population is very young, thanks to the various markets of the region. That means rental properties are also in demand, and instead of purchasing, about 42 percent of residents rent. The median amount of rent per month is $1100.
Huntsville’s cost of living is 92.2, only below the national average of 100, based on BestPlaces.com’s estimates. The disparity in the cost of living comes down to housing, which in Huntsville is significantly less costly than in most of the world.
The costs of groceries 90.3, electricity 96.2, housing 79.6, and transport 92 are all below the national average, although the costs of health care 108 and miscellaneous expenditures (repairs, childcare, dining out, etc.) were all higher than the national average. According to the Family Budget Calculator, a family of four should expect their monthly expenditures to exceed $6,585, or $79,014 annually, to maintain a moderate standard of living in Huntsville.
The economy of Huntsville is high and developing. In contrast to the 3.9 percent US average, the unemployment rate is 3.7 percent, and job growth in 2018 was 3.6 percent. In Huntsville, potential job growth is anticipated to be much stronger than in the rest of the nation. Employment growth is expected to be 40.9 percent over the next ten years, compared to the US average growth of 33.5 percent.
Solar companies, aerospace and defense, moving companies, advanced manufacturing, bioscience, and information technology are the main industrial industries. Emerging industries include electronic communications, geospatial, energy, cybersecurity, modeling and robotics, and simulation.
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