Renter percentages in zip code 35146 have shown some fluctuation, generally ranging between 8% and 14% from 2013 to 2022. The average rent prices have also experienced variations during this period. In 2013, the average rent was $702, which decreased to $624 in 2015. However, there was a significant increase to $963 in 2021, followed by a slight decrease to $809 in 2022. The population of the zip code has grown from 11,833 in 2013 to 13,239 in 2022, which may have contributed to the overall increase in rental demand and prices.

Looking at the most recent data, the average home price in zip code 35146 reached $321,024 in 2023, showing a slight increase from the previous year. However, in 2024, there was a minor decrease to $320,171. This slight decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be influencing the housing market, potentially dampening demand and causing a slight cooling in home prices.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 35146 will continue to rise, albeit at a more moderate pace than seen in recent years. The average home price is projected to reach approximately $350,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,100 per month in the same timeframe. These projections consider historical trends, population growth, and the current economic climate.

In summary, zip code 35146 has maintained a high rate of homeownership while experiencing significant growth in average home prices over the past decade. The area has seen some fluctuations in rental percentages and prices, influenced by population growth and economic factors. Recent data shows a slight cooling in the housing market, possibly due to rising interest rates. Looking forward, both home prices and rents are expected to continue their upward trend, though at a more moderate pace than in recent years.