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Athens, Zip Code 35611: Resilient Housing Market with Rising Home Values
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
Athens, located in zip code 35611 in Alabama, has experienced interesting demographic and housing market shifts over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this area.
Homeownership rates in Athens have remained relatively stable, with a slight overall decline from 66% in 2013 to 65% in 2022. During this period, average home prices have shown a significant upward trend. In 2016, the average home price was $131,287, which increased steadily to $229,721 by 2022, representing a substantial 75% growth over six years.
The relationship between federal interest rates and homeownership rates in Athens shows some correlation. In 2016, when interest rates were low at 0.4%, the homeownership rate was 63%. As interest rates rose to 1.83% in 2018, homeownership increased to 66%. However, this trend didn't consistently hold, as homeownership remained at 65% in 2022 despite a higher interest rate of 1.68%.
Renter percentages in Athens have fluctuated slightly, increasing from 34% in 2013 to 35% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $702, which decreased to $664 in 2021 before rising slightly to $674 in 2022. This represents a 4% overall decrease in average rent prices from 2013 to 2022. The population growth from 25,423 in 2013 to 26,833 in 2022 may have influenced these rental market dynamics.
In 2023, the average home price in Athens reached $236,612, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $241,187, while interest rates rose to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market despite higher borrowing costs.
Looking ahead, predictive models forecast a continued increase in average home prices for Athens over the next five years. Based on the historical data and current trends, average home prices could potentially reach around $275,000 to $290,000 by 2029. Average rent prices are expected to stabilize and potentially show moderate growth, possibly reaching $700 to $725 per month in the same timeframe.
In summary, Athens has demonstrated a resilient housing market with steadily increasing average home prices despite fluctuations in homeownership rates. The rental market has shown more stability in terms of both renter percentages and average rent prices. The recent increases in interest rates have not significantly dampened the growth in home values, indicating strong demand in the area. As the population continues to grow, these trends are likely to persist, making Athens an interesting market for both homeowners and investors.
