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Alexander City, Alabama

Alexander City (population 15,000) is a quiet town on the shores of sprawling 44,000-acre Lake Martin in east central Alabama and is popular with people seeking year-round lake and river recreation. The lake (reservoir) has 750 miles of shoreline and is one of the largest man-made bodies of water in the country. Its wooded shoreline is dotted with hiking trails, beaches, marinas and campgrounds.

The town itself started out as a railroad hub and today has parks, athletic fields, swimming pools and a beautiful waterside golf course. Tourists wander in on their way to Lake Martin but also for Sho’Nuff Bar-B-Que's tasty catfish, stews and shrimp dishes.

Just outside of town, the SpringHouse Restaurant serves up a legendary Sunday brunch and affords amazing water views. Talladega National Forest brims with natural beauty, while Desoto Caverns, once home to Native Americans, Civil War soldiers and moonshiners, offers tours and light shows.

Alexander City neighborhoods range from modest and a little bedraggled to waterfront and elegant.

Cost of Living

Alexander City is an affordable town with an overall cost of living 25% less than the national average.

The town is 31% less expensive than Charlottesville, Virginia, 23% less expensive than Tempe, Arizona and 20% less expensive than Tallahassee, Florida

The median household income is $31,000.

Real Estate

The median home value is $110,500. This is a 4.7% increase over the previous year. For comparison, the national median home price is currently $248,850.

Estimates are that Alexander City housing values will decline by 1.7% over the next year.

The median rental price is $750 per month.

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Growth

Alexander City has lost 1% of its population during the last decade.

Taxes

The combined sales tax rate for Alexander City is 10%. This is the total of state, county and city sales tax rates.

Alabama auto sales are taxed at 2%. Tallapoosa County adds another 2.1% tax.

Alabama has one of the lowest tax burdens in the country. Income from 401(k)s and IRAs is taxed between 2% and 5%, but Social Security benefits and private and public pension income are not taxed.

The property tax rate is approximately $435 per $100,000 in assessed value. The annual taxes on a $110,500 home are approximately $478 for people younger than 65. People age 65 or better pay no state property tax.

Desire a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer will have no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.

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