Lourdes, a neighborhood in Mobile, Alabama, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates and substantial increases in property values, reflecting broader economic and demographic shifts in the region. The homeownership rate in Lourdes has shown considerable variability, ranging from a high of 74% in 2022 to a low of 59% in 2017. This fluctuation coincides with notable changes in average home prices. In 2013, the average home price was $59,353, which steadily increased to $105,514 by 2022, representing a substantial 77.8% rise over nine years. This upward trend in home values appears to have influenced homeownership rates, as the percentage of owner-occupied homes increased from 59% in 2017 to 74% in 2022, despite rising prices.

Federal interest rates have played a crucial role in shaping homeownership trends in Lourdes. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership rates remained relatively stable, ranging from 71% to 73%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was initially a decrease in homeownership to 59% in 2017. However, contrary to typical trends, homeownership then increased to 74% by 2022, suggesting other local factors may have influenced this pattern.

Renter percentages in Lourdes have inversely mirrored homeownership rates, ranging from a high of 41% in 2017 to a low of 26% in 2022. Average rent prices have shown a general upward trend, increasing from $1,065 in 2013 to $1,136 in 2022, a 6.7% rise. Interestingly, the highest average rent of $1,132 was observed in 2020, coinciding with a significant drop in population from 2,307 in 2019 to 2,051 in 2020, which may have influenced rental market dynamics.