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Anniston, Alabama: Home Values and Ownership in a City of Historical Significance
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Anniston, a city in Alabama known for its rich history and the Anniston Museum of Natural History, has experienced notable shifts in its housing market over the past decade. These changes reflect broader economic trends and local dynamics. From 2013 to 2022, Anniston's homeownership rate increased from 57% to 62%, indicating a growing preference for property ownership. This trend coincided with significant changes in average home prices. In 2013, the average home price was $134,879, which rose to $132,378 by 2022, after experiencing some volatility in between. The peak average home price was observed in 2014 at $183,086, followed by a sharp decline to $106,971 in 2016. The relationship between federal interest rates and homeownership rates in Anniston shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates gradually increased from 57% to 58%. The subsequent rise in interest rates to 1.83% by 2018 coincided with a further increase in homeownership to 60%, possibly due to anticipation of future rate hikes encouraging home purchases.
Rental trends in Anniston have shown an inverse relationship to homeownership. The percentage of renters decreased from 43% in 2013 to 38% in 2022. Despite this decline, average rent prices increased substantially, rising from $638 in 2013 to $808 in 2022. This 26.6% increase in average rent over nine years occurred even as the city's population decreased from 26,688 in 2013 to 24,117 in 2022, suggesting factors beyond population growth were influencing rental prices.
In 2023 and 2024, Anniston's housing market showed signs of stabilization. The average home price in 2023 was $132,727, a slight increase from 2022. However, in 2024, there was a minor decline to $131,032. This occurred as federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, based on recent trends and economic factors, we can project potential scenarios for Anniston's housing market over the next five years. Average home prices may experience moderate growth, potentially reaching around $140,000 by 2029, assuming economic stability and continued interest in homeownership. Average rent prices could continue their upward trajectory, potentially surpassing $900 per month by 2029, driven by inflation and housing demand shifts.
In summary, Anniston's housing market has demonstrated resilience and adaptation to changing economic conditions. The city has seen a steady increase in homeownership rates despite fluctuations in home prices and rising interest rates. The rental market, while shrinking in terms of occupancy, has experienced significant price appreciation. These trends, coupled with recent market stabilization, suggest a dynamic and evolving housing landscape in Anniston for the coming years.
