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Average Home Values and Ownership in Zip Code 35575: Lynn's Stable Real Estate Market
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
Lynn, located in zip code 35575 in Alabama, has maintained a strong homeownership rate despite economic fluctuations over the past decade. The homeownership rate has remained relatively stable, with only a slight decrease from 83% in 2013 to 81% in 2022. This minimal change suggests a consistent preference for homeownership in the area.
Federal interest rates have significantly influenced homeownership trends in Lynn. From 2013 to 2015, interest rates remained extremely low at around 0.1-0.13%, coinciding with a high homeownership rate of 82-83%. As interest rates gradually increased from 2016 onwards, reaching 1.68% in 2022, Lynn's homeownership rate showed only minor fluctuations, demonstrating the community's resilience to these changes.
Rental trends in Lynn have shown some variability. The percentage of renters increased from 17% in 2013 to 21% in 2020, before decreasing slightly to 19% in 2022. Average rent prices have fluctuated over the years, with notable changes. In 2013, the average rent was $517, which decreased to $440 in 2017, then rose significantly to $668 in 2019. By 2022, the average rent had settled at $590. These fluctuations in rent prices and renter percentages may reflect changes in local economic conditions and housing availability.
Recent data reveals that the average home price in Lynn for 2023 was $126,529, with a slight decrease to $124,947 in 2024. This minor decline occurs despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates might impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Lynn may experience moderate growth, potentially reaching around $135,000 by 2029. This projection assumes a gradual recovery from the slight dip observed between 2023 and 2024. For average rent prices, an continued upward trend is expected, potentially reaching approximately $650 by 2029, based on the historical fluctuations and recent trends.
In summary, Lynn has maintained a strong preference for homeownership despite changes in federal interest rates and local economic conditions. The rental market has shown more volatility in both prices and occupancy rates. Recent data indicates a slight cooling in the housing market, but long-term projections suggest modest growth in both home values and rental prices. These trends reflect the dynamic nature of Lynn's housing market and its ability to adapt to changing economic conditions.
