Millbrook, Alabama, a growing city in Elmore County, has experienced significant changes in its housing market over the past decade. With a population of 19,502 as of 2022, this charming Southern city has seen a steady increase in homeownership rates and fluctuating home prices. The homeownership rate in Millbrook has shown a consistent upward trend, rising from 69% in 2014 to 74% in 2022. This increase coincides with a substantial rise in average home prices, which grew from $127,739 in 2014 to $187,488 in 2022, representing a 46.8% increase over eight years. Despite rising home prices, Millbrook residents have demonstrated an increasing ability and willingness to invest in homeownership.

The relationship between federal interest rates and homeownership rates in Millbrook presents an interesting dynamic. From 2014 to 2020, when interest rates remained relatively low (ranging from 0.09% to 2.16%), homeownership rates in Millbrook remained stable at around 69-72%. However, as interest rates began to rise more sharply in 2022 (1.68%), homeownership actually increased to 74%. This suggests that local economic conditions or housing market dynamics may have had a stronger influence on homeownership trends in Millbrook than national interest rates during this period.

Renter percentages in Millbrook have inversely mirrored the homeownership trend, decreasing from 31% in 2014 to 26% in 2022. Average rent prices have shown some volatility during this period. In 2014, the average rent was $1,123, which increased to $1,135 in 2015 before declining to $1,034 in 2018. Rent prices then rebounded, reaching $1,183 in 2021, before dropping again to $1,085 in 2022. This fluctuation in rent prices, coupled with the decreasing percentage of renters, suggests a complex rental market influenced by factors such as housing supply, local economic conditions, and possibly the increasing preference for homeownership in the city.