Cost of Living in Good Hope, AL

With a cost of living index of 79, Good Hope, AL is a very affordable place to live. Living here is 21% cheaper than the national average and 5% above the Alabama state average of 74. Good Hope is a small community of 2,542 residents.

Housing costs are the biggest factor in Good Hope's cost of living. The median monthly rent is $1,105 (16% below the US median of $1,319), and the median home value sits at $172,200 (44% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Good Hope is $88,068, which is 17% higher than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Good Hope. The area sees an average annual temperature of 59.9°F, with summers averaging 77°F and winters around 43°F. Annual rainfall totals 58.7 inches spread over roughly 116 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.