Cost of Living in Goodwater, AL

With a cost of living index of 57, Goodwater, AL is one of the most affordable cities in the country. Living here is 43% cheaper than the national average and 18% below the Alabama state average of 74. Goodwater is a small community of 1,375 residents.

Housing costs are the biggest factor in Goodwater's cost of living. The median monthly rent is $607 (54% below the US median of $1,319), and the median home value sits at $81,900 (73% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Goodwater is $36,938, which is 51% lower than the national median of $75,149. Residents spend roughly 20% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Goodwater. The area sees an average annual temperature of 62.3°F, with summers averaging 79°F and winters around 46°F. Annual rainfall totals 52.2 inches spread over roughly 116 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

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.