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Zip Code 35079: Steady Homeownership Amid Rising Home Values in Hayden, Alabama
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 35079, located in Hayden, Alabama, has demonstrated remarkable trends in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of homeownership, while experiencing significant growth in average home prices. The average rent prices have also seen an upward trajectory, albeit with some variability.
The homeownership rate in zip code 35079 has remained consistently high, ranging from 83% to 91% between 2013 and 2022. This high rate of homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $128,155, which steadily rose to $225,751 by 2022, representing a 76% increase over this period. Despite this significant price appreciation, the homeownership rate actually increased from 86% in 2013 to 87% in 2022, suggesting a strong local preference for homeownership even in the face of rising prices.
Federal interest rates have played a role in homeownership trends in this area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in zip code 35079 remained stable at 85-86%. As interest rates began to rise more notably from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed resilience, actually increasing to 87% by 2022. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
The percentage of renters in zip code 35079 has remained relatively low, fluctuating between 10% and 17% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period, albeit with some volatility. In 2013, the average rent was $763, which increased to $923 by 2021, representing a 21% increase. However, there was a notable drop to $782 in 2022. The population of the area has grown modestly from 10,621 in 2013 to 10,974 in 2022, which may have contributed to the general upward pressure on rent prices despite the high homeownership rate.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 35079. The average home price reached $230,187 in 2023 and further increased to $232,210 in 2024. This represents a modest but steady growth of about 2% over these two years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Looking ahead, based on historical trends and current data, we can predict that average home prices in zip code 35079 will likely continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect to see average home prices reaching around $250,000 to $260,000 by 2029. For rent prices, the trend is less clear due to recent volatility, but a conservative estimate might put average rents in the $850 to $950 range by 2029, assuming steady population growth and continued high homeownership rates.
In summary, zip code 35079 demonstrates a strong preference for homeownership, maintaining high rates despite significant increases in home prices. The area has shown resilience to rising interest rates, with homeownership rates remaining stable or even increasing. While rent prices have been more volatile, they have generally trended upward alongside home prices. The consistent population growth and steady increase in property values suggest a stable and potentially attractive real estate market in this Alabama town.
