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Zip Code 35671: Rising Home Values and Ownership Trends in Decatur, Alabama
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 35671, located in Decatur, Alabama, has experienced notable demographic and housing market changes over the past decade. This area has seen a steady increase in population and homeownership rates, alongside fluctuating average rent prices. The homeownership rate in ZIP code 35671 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 77%, which increased to 81% by 2022. This rise in homeownership coincided with varying average rent prices. The average rent peaked at $1,250 in 2014 before declining to $709 in 2022, representing a 43% decrease over this period.
The relationship between federal interest rates and homeownership rates in this ZIP code reveals an interesting pattern. Despite the federal interest rate increasing from 0.11% in 2013 to 1.68% in 2022, the homeownership rate in ZIP code 35671 continued to rise. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in this particular area.
The renter percentage in ZIP code 35671 has generally decreased from 23% in 2013 to 19% in 2022. This decline in renters corresponds with the fluctuations in average rent prices. Notably, as the population increased from 2,480 in 2013 to 3,424 in 2022, the percentage of renters decreased, indicating a shift towards homeownership in the growing community.
As of 2024, the average home price in ZIP code 35671 is $280,391, with the current federal interest rate at 5.33%. This represents a significant increase in interest rates compared to previous years, which could potentially impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in ZIP code 35671 may continue to rise moderately over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $800-$850 per month in the same timeframe.
In summary, ZIP code 35671 has experienced a trend of increasing homeownership rates and population growth, while average rent prices have fluctuated. The area has shown resilience in maintaining high homeownership rates despite rising federal interest rates. These trends, combined with the current housing market data, suggest a stable and potentially growing real estate market in this Decatur ZIP code for the foreseeable future.
