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Hackleburg's Housing Market: Resilient Homeownership Amid Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hackleburg, a small town in Alabama, has experienced notable fluctuations in its housing market over the past decade. The town's homeownership rates have remained relatively high, hovering around 75%, while average home prices and rent have shown interesting trends.
The relationship between homeownership rates and average home prices in Hackleburg reveals some intriguing patterns. In 2013, the homeownership rate stood at 76% with an average home price of $81,448. As home prices gradually increased to $93,006 by 2019, the homeownership rate remained stable at 76%. However, a slight dip in homeownership to 74% occurred in 2021 when average home prices reached $109,124, suggesting a potential correlation between rising home values and a minor decrease in homeownership.
Federal interest rates have played a role in shaping homeownership trends in Hackleburg. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which coincided with relatively stable homeownership rates around 75%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates in Hackleburg showed resilience, maintaining at 75-76%. This suggests that while interest rates influence homeownership, other local factors may have a stronger impact in this small town.
Renter percentages and average rent prices in Hackleburg have shown some correlation. In 2013, the renter-occupied percentage was 24% with an average rent of $479. By 2019, as the renter percentage remained at 24%, the average rent had increased to $647. Interestingly, in 2016, when the renter percentage peaked at 29%, the average rent was $593, indicating a potential relationship between higher demand for rentals and increased rent prices. The town's population decreased from 2,256 in 2010 to 1,870 in 2019, which may have influenced the rental market dynamics.
In 2023, Hackleburg saw average home prices reach $136,530, marking a significant increase from previous years. This was accompanied by a substantial rise in federal interest rates to 5.02%. Moving into 2024, there has been a slight decrease in average home prices to $130,070, with interest rates further increasing to 5.33%. This recent trend suggests a potential cooling in the housing market, possibly influenced by the higher interest rates.
Looking ahead, predictive models forecast a continued but moderate increase in average home prices over the next five years. The recent dip in 2024 may be temporary, with prices expected to stabilize and then gradually rise. Average rent prices are projected to follow a similar trend, with modest increases anticipated. However, these projections may be influenced by factors such as local economic conditions, population changes, and broader market trends.
In summary, Hackleburg's housing market has demonstrated resilience in homeownership rates despite fluctuations in home prices and interest rates. The rental market has shown a correlation between demand and pricing, while recent years have seen significant growth in home values. The interplay between these factors will likely continue to shape Hackleburg's housing landscape in the coming years.
