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Hurtsboro, Alabama: Average Home Values Decline Amid Shifting Ownership Trends
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
Hurtsboro, a small town in Alabama, has experienced fluctuating trends in homeownership and housing prices over the past decade. The town has seen a general decline in homeownership rates, while average rent prices have shown an upward trajectory. Average home prices, available only for recent years, indicate a slight downward trend.
Homeownership rates in Hurtsboro have generally decreased from 2013 to 2022. In 2013, 81% of residents were homeowners, but this figure dropped to 77% by 2022. This decline coincided with a period of relatively low federal interest rates, which typically encourage homeownership. However, local factors may have influenced this trend more strongly than national interest rates. The lowest homeownership rate was observed in 2019 at 70%, before rebounding slightly in subsequent years.
Federal interest rates remained exceptionally low from 2013 to 2021, ranging from 0.08% to 1.83%. Despite these favorable borrowing conditions, Hurtsboro's homeownership rates did not consistently increase, suggesting that other local economic factors may have played a more significant role in housing decisions.
Renter percentages in Hurtsboro have shown an inverse relationship to homeownership rates, increasing from 19% in 2013 to 23% in 2022. Average rent prices have risen significantly during this period, from $348 in 2013 to $659 in 2022, representing an 89% increase. The most substantial jump occurred between 2014 and 2015, when average rent rose from $338 to $533, a 58% increase in a single year. This sharp rise in rent prices may have made homeownership more attractive to some residents, potentially contributing to the slight increase in homeownership rates observed in recent years.
In 2023, the average home price in Hurtsboro was $87,980, and in 2024, it decreased to $82,108. This represents a 6.7% decline in average home prices over this period. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, based on recent trends, we can forecast that average home prices in Hurtsboro may continue to decline slightly over the next five years, potentially reaching around $75,000 by 2029. Average rent prices, however, are likely to continue their upward trajectory, potentially reaching $800 per month by 2029, assuming the current rate of increase persists.
In summary, Hurtsboro has experienced a gradual shift towards renting, with homeownership rates declining despite periods of low interest rates. Average rent prices have increased substantially, while recent data shows a slight downward trend in average home prices. These trends suggest a changing housing landscape in Hurtsboro, with potential implications for future housing affordability and community demographics.
