Renter percentages in zip code 35062 have remained relatively low, fluctuating between 14% and 18% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $699, rising to a peak of $887 in 2017, before declining to $766 in 2022. This represents a 9.6% increase in average rent from 2013 to 2022, which is modest compared to the increase in home prices. The population growth from 7,298 in 2013 to 8,309 in 2022 may have contributed to the overall increase in both home prices and rents.

In 2023 and 2024, we see a continuation of the upward trend in average home prices, albeit at a slower pace. The average home price in 2023 was $199,791, a 2% increase from 2022. However, in 2024, there was a slight decrease to $198,806, marking a 0.5% decline. This coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slowdown in home price appreciation.

Looking ahead, we can predict that average home prices in zip code 35062 may continue to experience moderate growth, albeit at a slower rate than in previous years due to higher interest rates. Average rent prices are likely to follow a similar trend, with modest increases over the next five years. However, the area's high homeownership rate may help stabilize rent prices to some extent.

In summary, zip code 35062 has demonstrated a strong preference for homeownership, maintaining high rates despite significant increases in average home prices. The area has shown resilience in the face of changing economic conditions, with homeownership rates remaining stable even as interest rates fluctuated. The modest growth in average rent prices compared to home prices suggests a relatively balanced housing market, though recent interest rate increases may impact future trends in both the ownership and rental markets.