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Zip Code 35749: Rising Home Values and High Ownership Rates in Harvest, 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 35749, located in Harvest, Alabama, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population and a notable shift in homeownership rates, accompanied by fluctuations in average home prices and rent costs.
The homeownership rate in zip code 35749 has remained consistently high, hovering around 90% throughout the observed period. In 2013, the homeownership rate was 90%, and it maintained this level with slight variations until 2022, where it stood at 89%. Simultaneously, average home prices in the area have shown a remarkable upward trend. In 2010, the average home price was $119,258, which steadily increased to $304,385 by 2022, representing a substantial 155% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code appears to have had a limited impact. Despite fluctuations in interest rates, the homeownership rate remained relatively stable. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 89%, and it remained at 89% in 2022 when interest rates increased to 1.68%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in maintaining high homeownership rates in this area.
Renter percentages in zip code 35749 have shown a slight increase over time, rising from 8% in 2013 to 11% in 2022. This subtle shift coincides with changes in average rent prices. In 2013, the average rent was $1,173, which peaked at $1,371 in 2016 before settling at $1,274 in 2022. The population growth from 23,288 in 2013 to 29,296 in 2022 may have contributed to the increased demand for rental properties, supporting the slight rise in both renter percentages and average rent prices.
As of 2024, the average home price in zip code 35749 has reached $308,436, showing a continued upward trend from previous years. This increase occurs alongside a federal interest rate of 5.33% in 2024, which is significantly higher than the rates seen in the early 2020s. Despite this higher interest rate, the average home price has continued to rise, indicating strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 35749 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, driven by population growth and the area's continued desirability. However, the rate of increase for both home prices and rents may be tempered by broader economic factors and affordability concerns.
In summary, zip code 35749 has demonstrated a robust and growing housing market characterized by consistently high homeownership rates and steadily increasing average home prices. The slight increase in renter percentages and fluctuating rent prices reflect the area's dynamic population growth. As the market continues to evolve, the interplay between home prices, rent costs, and demographic shifts will shape the future of housing in this Alabama community.
