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Average Home Values and Ownership in Zip Code 36535: A Decade of Growth in Foley, Alabama
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
Zip code 36535, located in Foley, Alabama, has experienced significant growth and changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with fluctuations in average home prices and rent costs. The trends in ownership percentages and housing prices reveal interesting patterns that reflect the local economic and demographic shifts.
The homeownership rate in zip code 36535 has shown a strong upward trend, increasing from 66% in 2013 to 76% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $136,796 in 2013 to $287,750 in 2022, representing a 110% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices rising by 38% from $208,418 to $287,750.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate continued to climb steadily. This suggests that other factors, such as local economic growth and demographic changes, may have played a more significant role in driving homeownership in this zip code than interest rates alone.
As homeownership increased, the percentage of renters in zip code 36535 decreased from 34% in 2013 to 24% in 2022. Interestingly, average rent prices have shown fluctuations during this period. The average rent rose from $992 in 2013 to a peak of $1,021 in 2015, then decreased to $900 in 2022. This trend suggests that while homeownership became more attractive, the rental market experienced some volatility, possibly influenced by the growing population, which increased from 27,238 in 2013 to 39,041 in 2022.
Looking at the most recent data, the average home price in zip code 36535 reached $300,710 in 2023 and further increased to $308,471 in 2024. This continued upward trend in home prices occurs despite the significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust local housing market that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 36535 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We expect average home prices to reach approximately $350,000 to $375,000 by 2029. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming continued population growth and economic stability in the area.
In summary, zip code 36535 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. The area has shown resilience in its housing market, maintaining growth even as interest rates have risen. The rental market, while experiencing some fluctuations, has remained relatively stable. These trends, combined with the steady population growth, suggest a dynamic and evolving housing landscape in this Alabama city.
