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Zip Code 35652: Rogersville's Rising Home Values and High Ownership Rates
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 35652, located in Rogersville, Alabama, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population and homeownership rates, coupled with fluctuating average home prices and rent costs.
The homeownership rate in zip code 35652 has shown a slight upward trend, increasing from 79% in 2013 to 82% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $130,812, which rose steadily to $223,212 by 2022, representing a 70.6% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership, possibly indicating growing confidence in the local real estate market.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 79% to 82%. Lower interest rates typically make mortgages more affordable, encouraging home buying. However, the sharp rise in interest rates to 1.68% in 2022 did not immediately impact the homeownership rate, which remained at 82%.
The renter population in zip code 35652 has fluctuated slightly, decreasing from 21% in 2013 to 18% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $502, which increased to a peak of $699 in 2019 before declining to $632 in 2022. This 25.9% increase in average rent from 2013 to 2022, despite the decrease in the renter population, could indicate a tightening rental market or an improvement in the quality of available rental properties.
In 2023 and 2024, the housing market in zip code 35652 continued to evolve. The average home price reached $237,071 in 2023 and further increased to $245,347 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and future homeownership rates.
Looking ahead, predictive models suggest that average home prices in zip code 35652 may continue to rise over the next five years, potentially reaching around $280,000 by 2029. This projection is based on the consistent upward trend observed since 2013. Average rent prices, which have shown more volatility, are predicted to stabilize and potentially increase moderately, possibly reaching about $750 by 2029.
In summary, zip code 35652 has demonstrated a robust housing market with increasing homeownership rates and rising average home prices. The area has shown resilience in the face of changing interest rates and economic conditions. The rental market, while smaller, has also seen overall growth in prices despite some fluctuations. These trends indicate a dynamic and potentially attractive real estate market in this Alabama town.
