Loading Content...
Zip Code 35057: A Decade of Rising Home Values and High Ownership Rates in Good Hope, 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 35057, located in Good Hope, Alabama, has experienced notable changes in its housing market over the past decade. This area has maintained a high rate of homeownership while seeing significant fluctuations in both average home prices and average rent prices.
The ownership percentage in zip code 35057 has remained relatively stable, with a slight decrease from 82% in 2014 to 80% in 2022. During this period, average home prices have shown a consistent upward trend. In 2010, the average home price was $142,133, which increased to $259,883 by 2022, representing a substantial 82.8% growth over 12 years. This trend suggests a robust housing market in the area, with property values appreciating significantly despite minor fluctuations in homeownership rates.
Federal interest rates have played a role in shaping homeownership trends in zip code 35057. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the steady homeownership rates observed during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we see a slight decrease in homeownership from 82% to 80%, possibly reflecting the impact of higher borrowing costs on potential homebuyers.
The renter population in zip code 35057 has shown a slight increase, from 18% in 2014 to 20% in 2022. Concurrently, average rent prices have experienced notable growth. In 2013, the average rent was $633, which increased to $738 by 2022, representing a 16.6% rise over nine years. This upward trend in rent prices, coupled with the marginal increase in the renter population, suggests a growing demand for rental properties in the area, possibly driven by factors such as population growth and changing housing preferences.
Looking at more recent data, the average home price in zip code 35057 continued to rise, reaching $260,646 in 2023 and $262,257 in 2024. This represents a modest but steady increase of 0.62% from 2023 to 2024. Interestingly, federal interest rates have also increased significantly during this period, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, albeit at a slower pace than in previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 35057 will continue to rise, albeit at a more moderate rate compared to the rapid growth seen in the past decade. We project that by 2029, average home prices could reach approximately $290,000 to $300,000, representing a potential increase of 10-15% from 2024 levels. For average rent prices, we forecast a continued upward trend, potentially reaching $800 to $850 per month by 2029, an increase of 8-15% from 2022 levels.
In summary, zip code 35057 has demonstrated a resilient housing market characterized by high homeownership rates and steadily increasing property values. The area has seen significant appreciation in both average home prices and average rent prices over the past decade, with recent data suggesting a continuation of these trends, albeit at a more moderate pace. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics shaping the local real estate market in Good Hope, Alabama.
