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Average Home Values and Ownership in Zip Code 36612: A Decade of Resilience in Prichard, 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 36612, located in Prichard, Alabama, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while ownership percentages have varied.
The homeownership rate in zip code 36612 has shown notable changes from 2013 to 2022. In 2013, the ownership rate was 58%, which increased to 59% in 2015. However, it dropped to 48% in 2018, the lowest point in the observed period. By 2022, the ownership rate rebounded to 59%. Simultaneously, average home prices in the area have shown a generally upward trend. In 2013, the average home price was $39,835, which increased to $49,236 by 2022, representing a 23.6% increase over this period.
Federal interest rates have played a role in homeownership trends in the area. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in zip code 36612 increased from 57% to 60%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 36612 have also shown interesting trends. In 2013, the renter percentage was 42%, with an average rent of $650. By 2018, the renter percentage increased to 52%, while the average rent rose to $662. However, by 2022, the renter percentage decreased to 41%, with the average rent at $609. These fluctuations may be influenced by changes in population, which decreased from 4,770 in 2013 to 4,000 in 2022, potentially affecting housing demand and rental market dynamics.
In 2023 and 2024, average home prices in zip code 36612 continued to rise. The average home price reached $50,486 in 2023 and further increased to $52,462 in 2024, representing a 4% and 3.9% year-over-year increase respectively. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting strong local market factors influencing home prices in this area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 36612 will continue to rise over the next five years, potentially reaching around $60,000 by 2029. Average rent prices may also see a moderate increase, possibly reaching $750-$800 per month in the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 36612 has experienced fluctuating homeownership rates, generally increasing average home prices, and varying rental market conditions over the past decade. The area has shown resilience in home value appreciation, even in the face of rising interest rates. These trends, coupled with changing population dynamics, paint a picture of a dynamic housing market in this Prichard neighborhood.
