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Roosevelt's Rising Home Values: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Roosevelt's Housing Market: Rising Home Values and Shifting Ownership in Birmingham The Roosevelt neighborhood in Birmingham, Alabama, has experienced significant changes in its housing market over the past decade. Located in the heart of the city, this area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Roosevelt's homeownership rate experienced a slight decline, moving from 64% to 58%. During this same period, average home prices saw a substantial increase. In 2016, the average home price in Roosevelt was $28,429. By 2022, this figure had nearly doubled to $54,814, representing a 92.8% increase over six years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
The federal interest rate trends have played a significant role in shaping homeownership patterns in Roosevelt. In 2013, when the homeownership rate was 64%, the federal interest rate was at a low 0.11%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated but remained relatively stable. However, as interest rates began to rise more sharply in 2022 (1.68%), the homeownership rate dropped to 58%, indicating that higher borrowing costs may have deterred potential buyers.
Renter percentages in Roosevelt have shown an overall upward trend, increasing from 35% in 2013 to 42% in 2022. This rise in renters coincides with an increase in average rent prices. In 2013, the average rent was $796 per month. By 2022, it had risen to $841, an increase of 5.7% over nine years. The population of Roosevelt also grew during this period, from 4,071 in 2013 to 4,980 in 2022, potentially contributing to increased demand for rental properties and subsequent rent increases.
Looking at the most recent data, the average home price in Roosevelt was $52,269 in 2023 and increased to $54,046 in 2024. This represents a 3.4% increase in just one year. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, average home prices in Roosevelt will likely continue to rise, albeit at a more moderate pace than seen in recent years. By 2029, average home prices could reach approximately $65,000 to $70,000. Average rent prices are also expected to increase, potentially reaching $900 to $950 per month by 2029.
In summary, Roosevelt has experienced a notable increase in average home prices and a slight decline in homeownership rates over the past decade. The rental market has grown, with both the percentage of renters and average rent prices increasing. These trends, coupled with population growth and fluctuating interest rates, paint a picture of a dynamic housing market in Roosevelt. As the neighborhood continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.
