Debt consolidation can be a helpful tool to improve your finances. It can reduce your monthly payments and help you save on interest. Reputable lenders offer this service in Florence, Alabama, so you should be able to find one that meets your needs.
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Florence, Alabama
Florence, Alabama is a beautiful city located in the northwestern corner of the state. It is situated along the Tennessee River and is home to the University of North Alabama, the oldest college in the state. The city offers a variety of activities and attractions for residents and visitors alike.
Cost Of Living & Income
The median household income in Florence, Alabama was $39,294 in 2019. This is up from $28,330 in 2000. The per capita income in Florence was $24,682 in 2019. The cost of living index was 81.7 in Florence AL, quite low when compared to the average in the United States (100).
Real Estate Market
Although the median price of homes in Alabama is just $265,200, the number of sales has decreased by 2.7%. Many people have found the market difficult to navigate during and after the pandemic. For homeowners, there is a homestead exemption of $15,000 available, which can be doubled for married couples or joint owners.
Despite this, 69% of Alabamians still own their homes. The average mortgage payment in Alabama is $1,147 per month, while rent averages $792 per month. Lastly, the median mortgage debt in Alabama is estimated to be $23,060.
The median value of homes in Florence, AL is $148,783. In 2000, the median value was $82,700. The average price of homes in 2019 is $176,017. The average price of detached houses is $176,070. The average price of townhouses or other attached units is $200,852. The average price of 2-unit structures is $89,024.
Retirement In Alabama
Retiring in Alabama has many benefits, including low taxes and cost of living. Recent studies have ranked Alabama as one of the best states for retirees, sixth overall. One reason for this is that prices for goods and services are 13% below the national average. Additionally, property taxes are some of the lowest in the country. Financial experts estimate that you’ll need around $713,000 to retire comfortably in Alabama.
There are several tax breaks for retirees in Alabama. For example, the highest state income tax rate is just 5%. This can be beneficial for retirees, as 30% of elderly households rely on Social Security for at least 90% of their total income. Additionally, homeowners 65 or older are exempt from paying state property taxes. So, the average retiree (62 years of age) would only need to wait 3 years to become eligible for this exemption.
Debt Relief In Florence, Alabama
Debt management can be tricky, but there are a few different ways to go about it. One option you could consider is consolidating your debts with a loan in Florence (AL). This could help lower your monthly payments and make it easier to pay off what you owe. Of course, there are advantages and disadvantages to this route, so be sure to think about everything carefully before deciding what to do.
