While the percentage of renters in zip code 35173 has remained relatively low, ranging from 9-11% between 2013 and 2022, average rent prices have shown considerable fluctuation. In 2013, the average rent was $1,379, which increased to $1,723 by 2017, a 25% rise in just four years. However, by 2022, the average rent had slightly decreased to $1,651. These changes in rent prices don't seem to have significantly impacted the proportion of renters in the area, suggesting other factors may be influencing the decision to rent versus own in this zip code.

Looking at the most recent data, the average home price in zip code 35173 continued its upward trajectory in 2023, reaching $372,662. In 2024, it further increased to $376,352. Concurrently, federal interest rates rose significantly, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in this area have continued to appreciate, albeit at a slower rate than in previous years.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 35173 will continue to rise, but potentially at a more moderate pace due to the higher interest rate environment. Average rent prices are likely to follow a similar upward trend, driven by the area's consistently low vacancy rates and steady population growth.

In summary, zip code 35173 has demonstrated a robust and growing housing market over the past decade. The area has maintained high homeownership rates despite significant increases in average home prices. While rent prices have fluctuated, they have not dramatically impacted the proportion of renters. The recent rise in interest rates has not halted home price appreciation, though it may moderate future growth. These trends paint a picture of a desirable suburban area with a strong preference for homeownership and a resilient housing market.