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Average Home Values and Ownership in Zip Code 36344: Hartford's Resilient Housing 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
Hartford, Alabama, located in zip code 36344, has experienced notable shifts in its housing market over the past decade. This small city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Hartford has shown some variability over the years. In 2013, the rate stood at 77%, and by 2022, it had slightly decreased to 75%. During this period, average home prices in the area have seen a significant upward trend. In 2016, the average home price was $106,647, and by 2022, it had increased to $152,117, representing a substantial 42.6% growth over six years.
The relationship between federal interest rates and homeownership rates in Hartford follows a generally expected pattern. For instance, in 2016, when interest rates were relatively low at 0.4%, the homeownership rate was 75%. As interest rates climbed to 1.83% in 2018, the homeownership rate dropped to 68%. This inverse relationship suggests that lower interest rates may have encouraged homeownership by making mortgages more affordable.
Regarding rental trends, the percentage of renters in Hartford increased from 23% in 2013 to 25% in 2022. Concurrently, average rent prices have shown an upward trajectory. In 2013, the average rent was $595, rising to $682 by 2022, marking a 14.6% increase over nine years. This rise in rent prices coincides with population growth, from 6,103 in 2013 to 6,414 in 2022, potentially indicating increased demand for rental properties.
Looking at the most recent data, the average home price in Hartford reached $155,700 in 2023 and further increased to $156,775 in 2024. This represents a modest but steady growth in property values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hartford will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $170,000 to $180,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $750 to $800 per month in the next five years.
In summary, Hartford, Alabama (36344) has demonstrated resilience in its housing market. Despite some fluctuations, homeownership rates have remained relatively stable, while both average home prices and rent prices have shown consistent growth. The interplay between interest rates, population changes, and housing demand has shaped these trends. As the city moves forward, it is likely to see continued, though potentially moderated, growth in both home values and rental prices, reflecting ongoing changes in the local and national economic landscape.
