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Owens Neighborhood in Mobile: Home Values and Rental Shift
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Owens neighborhood in Mobile, Alabama, has undergone significant changes in its housing market over the past decade. This analysis explores trends in homeownership, average home prices, and average rent prices, providing insights into the evolving landscape of this community. Homeownership in Owens has declined notably from 2013 to 2022. The neighborhood's homeownership rate decreased from 47% in 2013 to 27% in 2022. This substantial shift towards renting coincided with fluctuations in average home prices. The average home price in Owens was $40,876 in 2015, rising to $45,858 in 2021, before slightly decreasing to $43,940 in 2022. Despite the overall increase in home values, the declining homeownership rate suggests other factors were influencing residents' housing choices.
The relationship between federal interest rates and homeownership rates in Owens shows an interesting pattern. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, homeownership rates fell from 47% to 35% during this period. This trend suggests that factors beyond interest rates, such as local economic conditions or changing demographics, may have played a more significant role in housing decisions within the neighborhood.
The renter population in Owens has grown substantially, from 53% in 2013 to 73% in 2022. This increase in renters has been accompanied by a rise in average rent prices. In 2013, the average rent was $731, which increased to $900 by 2022, representing a 23% increase over nine years. The growing renter population, combined with rising rent prices, indicates a strong demand for rental properties in the area. This trend may be influenced by the neighborhood's increasing population density, which grew from 2,079 people per square mile in 2013 to 2,341 in 2022.
In 2023 and 2024, the Owens neighborhood experienced some fluctuations in the housing market. The average home price decreased to $40,617 in 2023 but rebounded to $42,930 in 2024. This recovery occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Owens may continue to experience moderate growth over the next five years, potentially reaching around $46,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $1,100 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, the Owens neighborhood has undergone a significant shift from homeownership to renting over the past decade. Despite fluctuations in average home prices, the trend towards renting has been consistent and pronounced. The increase in population density and rising rent prices indicate a growing demand for housing in the area. As the neighborhood continues to evolve, it will be important to monitor how these trends impact the local community and housing market dynamics.
