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Zip Code 35210: Resilient Homeownership Amid Rising Home Values in Irondale, 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 35210, located in Irondale, Alabama, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area, covering 25.46 square miles, has seen fluctuations in its population and housing trends, reflecting broader economic changes and local market conditions.
The homeownership rate in zip code 35210 has shown a slight decline over the years, starting at 74% in 2013 and settling at 70% in 2022. This trend coincides with significant changes in average home prices. In 2013, the average home price was $131,980, which steadily increased to $258,122 by 2022, representing a substantial 95.6% growth over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices surging from $195,432 to $258,122, a 32% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the relatively high homeownership rates during this time. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observe a slight dip in homeownership percentages, falling from 74% in 2013 to 69% in 2019.
The rental market in zip code 35210 has shown interesting trends as well. The percentage of renters increased from 26% in 2013 to 30% in 2022, inversely mirroring the homeownership trend. Average rent prices have also seen an upward trajectory, rising from $1,021 in 2013 to $1,045 in 2022, an overall increase of 2.3%. Notably, there was a significant jump in average rent from $1,022 in 2020 to $1,109 in 2021, a 8.5% increase in a single year, before settling back to $1,045 in 2022. These fluctuations in rent prices and renter percentages may be influenced by the area's changing population, which peaked at 15,175 in 2016 before declining to 14,551 in 2022.
Looking at the most recent data, average home prices in zip code 35210 continued to rise, reaching $266,443 in 2023 and slightly increasing to $266,745 in 2024. This represents a 3.3% increase from 2022 to 2023, followed by a marginal 0.1% growth from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued but moderate increase in average home prices, potentially reaching around $300,000 by 2029. This projection is based on the historical growth rate and recent market stabilization. For average rent prices, we expect a gradual upward trend, potentially reaching approximately $1,200 by 2029, assuming steady economic conditions and population growth in the area.
In summary, zip code 35210 has experienced a slight shift from homeownership to renting over the past decade, with significant increases in both average home prices and rent. The area has shown resilience in its housing market, with home values appreciating substantially despite fluctuations in population and economic conditions. The interplay between federal interest rates, housing prices, and ownership rates highlights the complex dynamics influencing this local real estate market. As we move forward, the area is poised for continued, albeit more moderate, growth in both home values and rental prices.
