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Zip Code 35443: Resilient Housing Market in Boligee, Alabama Sees Rising Home Values and Ownership
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 35443, located in Boligee, Alabama, presents an intriguing case study of housing trends in a small rural community. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting the dynamic nature of its local real estate market.
The homeownership rate in zip code 35443 has shown notable variability, ranging from a low of 58% in 2019 to a high of 71% in 2022. This upward trend in homeownership coincided with changes in average home prices, though specific price data is limited for earlier years. The increase in homeownership from 2019 to 2022 suggests a growing preference for property ownership in the area, possibly driven by factors such as local economic conditions or changing demographics.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 35443. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 1.83%. This low-interest environment likely contributed to the overall increase in homeownership during this period, as lower borrowing costs made home purchases more accessible. The sharp rise in interest rates to 5.02% in 2023 and 5.33% in 2024 may impact future homeownership trends, potentially making mortgages less affordable for some buyers.
Renter percentages in zip code 35443 have fluctuated inversely to homeownership rates, reaching a peak of 42% in 2019 before declining to 29% in 2022. Average rent prices have shown significant volatility, increasing from $298 in 2013 to a high of $908 in 2018, before settling at $653 in 2022. This trend suggests a complex rental market influenced by factors such as local economic conditions, housing availability, and population changes. The population decline from 2,015 in 2019 to 1,474 in 2022 may have contributed to the stabilization of rent prices in recent years.
In 2023 and 2024, average home prices in zip code 35443 showed a modest increase, rising from $87,201 in 2023 to $89,143 in 2024. This 2.23% increase occurred despite the elevated interest rates of 5.02% in 2023 and 5.33% in 2024, indicating a resilient local housing market. The continued price appreciation suggests ongoing demand for homeownership in the area, even in the face of higher borrowing costs.
Looking ahead, predictive models suggest a potential continuation of the gradual upward trend in average home prices for zip code 35443 over the next five years. Average rent prices are expected to stabilize or increase moderately, influenced by factors such as local economic growth and housing supply. However, the high interest rate environment may temper rapid price growth and could lead to a more balanced market between homeownership and renting.
In summary, zip code 35443 has demonstrated a complex and dynamic housing market over the past decade. The area has seen a general trend towards increased homeownership, with recent years showing a significant shift from 58% owner-occupied in 2019 to 71% in 2022. Average home prices have shown resilience and growth, even in the face of rising interest rates. The rental market has experienced volatility but appears to be stabilizing. These trends collectively paint a picture of a changing local real estate landscape, likely influenced by a combination of economic, demographic, and policy factors.
