Loading Content...
Zip Code 35019: Rising Home Values and Stable Ownership in Baileyton, Alabama
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 35019, located in Baileyton, Alabama, has experienced notable fluctuations in population and housing trends over the past decade. This rural area has seen significant changes in homeownership rates and property values, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 35019 has shown considerable variability from 2013 to 2022. In 2013, the area had a high homeownership rate of 84%, which decreased to 74% by 2015. However, by 2022, it had rebounded to 80%. During this same period, average home prices in the area saw a steady increase. In 2013, the average home price was $111,828, rising to $213,178 by 2022, representing a substantial 90.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows (0.08% in 2021), homeownership rates were relatively high at 78%. As interest rates began to rise in 2022 to 1.68%, homeownership rates increased slightly to 80%, possibly due to buyers rushing to purchase before rates climbed further.
Renter percentages and average rent prices in zip code 35019 have also shown interesting trends. The percentage of renters increased from 16% in 2013 to a peak of 27% in 2018, before decreasing to 20% in 2022. Average rent prices rose from $736 in 2013 to a high of $815 in 2016 and 2017, before declining to $714 in 2022. This decline in both renter percentage and average rent prices could be attributed to the area's population growth, which increased from 1,806 in 2013 to 2,549 in 2022, potentially leading to more affordable housing options.
In 2023 and 2024, the housing market in zip code 35019 showed signs of stabilization. The average home price in 2023 was $216,252, a slight increase from 2022. However, in 2024, there was a minor decrease to $211,886. This slight downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening housing demand.
Looking ahead, based on historical trends and current economic conditions, we can expect the average home prices in zip code 35019 to continue a modest upward trajectory over the next five years, albeit at a slower pace than observed in the past decade. Average rent prices are likely to stabilize or increase slightly, reflecting the area's population growth and housing demand. However, these projections may be influenced by broader economic factors and local development initiatives.
In summary, zip code 35019 has demonstrated resilience in its housing market, with increasing homeownership rates and property values over the past decade. The area has weathered fluctuations in renter percentages and rent prices, likely influenced by population growth and economic factors. As the community continues to evolve, it will be crucial to monitor these trends and their impact on the local real estate landscape.
