Oakleigh's Housing Market Dynamics: 2013-2022 Oakleigh, a historic neighborhood in Mobile, Alabama, has experienced significant changes in its housing market from 2013 to 2022. The area saw a substantial decrease in homeownership rates, dropping from 63% to 47%, while average home prices increased from $41,943 to $59,792, representing a 42.6% rise. This inverse relationship between declining homeownership and rising home prices suggests that despite increasing property values, fewer residents were able to become homeowners.

Federal Interest Rates and Homeownership The federal interest rate trends appear to have influenced homeownership rates in Oakleigh. In 2013, when homeownership was at 63%, the federal interest rate was 0.11%. As interest rates began to rise, particularly from 2016 onwards, homeownership rates steadily declined. By 2022, with the interest rate at 1.68%, homeownership had fallen to 47%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.

Rental Market Trends Renter percentages in Oakleigh increased from 37% in 2013 to 53% in 2022, mirroring the decline in homeownership. Average rent prices fluctuated during this period, starting at $743 in 2013, peaking at $840 in 2017, before decreasing to $647 in 2022. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex rental market influenced by factors such as housing supply and local economic conditions.