Conversely, the percentage of renters in zip code 31811 has decreased over time, dropping from 17% in 2013 to 13% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $1,102, which peaked at $1,190 in 2017 before settling at $1,111 in 2022. This fluctuation in rent prices, despite a decreasing renter population, may indicate other factors at play, such as changes in housing quality or local economic conditions.

In 2023 and 2024, the housing market in zip code 31811 continued to evolve. The average home price reached $340,257 in 2023 and further increased to $348,038 in 2024, representing a 2.3% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.

Looking ahead, predictive models suggest that average home prices in zip code 31811 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to remain relatively stable or increase modestly, influenced by the area's low renter population and overall housing market conditions.

In summary, zip code 31811 has experienced a significant increase in homeownership rates and average home prices over the past decade. The inverse relationship between homeownership and renter percentages, coupled with the volatility in rent prices, paints a picture of a dynamic housing market. The recent surge in interest rates and continued growth in home prices suggest that the area may face new challenges in maintaining housing affordability and homeownership rates in the coming years.