Fairview, Alabama, a small community, has undergone significant changes in its housing market and demographic composition over the past decade. From 2013 to 2022, the town experienced a substantial decrease in homeownership rates, dropping from 85% to 63%. This shift coincided with notable changes in average home prices, reaching $219,803 by 2022. The trend suggests a potential correlation between declining homeownership rates and rising home values, possibly making homeownership less accessible for some residents.

The relationship between federal interest rates and homeownership rates in Fairview aligns with established trends. Despite historically low interest rates from 2013 to 2020, ranging from 0.08% to 0.38%, Fairview experienced a gradual decline in homeownership. This suggests that local factors may have influenced this trend more significantly than national interest rates.

Concurrently, the percentage of renters in Fairview increased from 15% in 2013 to 37% in 2022. This rise in renters corresponded with a substantial increase in average rent prices. The average rent rose from $470 in 2013 to $1,034 in 2022, representing a 120% increase over nine years. This sharp rise in rent prices, coupled with the growing renter population, indicates a significant shift in the local housing market dynamics.