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Zip Code 36009: Home Values and Ownership Trends in Rural 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 36009, located in Brantley, Alabama, presents an interesting case study of homeownership and rental trends in a small rural community. Over the past decade, this area has experienced notable shifts in its housing market, with fluctuations in both homeownership rates and average home prices.
The homeownership rate in zip code 36009 has shown a gradual decline from 2013 to 2022. In 2013, 70% of residents owned their homes, but by 2022, this figure had decreased to 68%. During this same period, average home prices in the area saw a significant increase. In 2012, the average home price was $88,835, and by 2022, it had risen to $136,559, representing a 53.7% increase over a decade.
Federal interest rates have played a role in shaping homeownership trends in this zip code. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 74%. However, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 68%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in zip code 36009 has shown an inverse relationship to homeownership trends. As the percentage of homeowners decreased, the proportion of renters increased from 30% in 2013 to 32% in 2022. Interestingly, average rent prices have also risen during this period, albeit with some fluctuations. In 2013, the average rent was $497, which decreased to $454 in 2016 before climbing to $529 in 2022, representing a 6.4% increase over the decade.
Looking at the most recent data, average home prices in zip code 36009 reached $134,957 in 2023 and slightly decreased to $132,070 in 2024. This slight decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 36009 may continue to experience moderate growth, albeit at a slower pace than seen in recent years. This prediction is based on the historical trend of increasing home values in the area, tempered by the current high interest rate environment. For rent prices, we expect a continued upward trajectory, potentially reaching an average of around $600-$650 per month within the next five years, assuming current economic conditions persist.
In summary, zip code 36009 has experienced a gradual shift towards more renters and fewer homeowners over the past decade, coinciding with substantial increases in both average home prices and rent. The interplay between federal interest rates, homeownership rates, and housing prices demonstrates the complex dynamics at work in this local real estate market. As we look to the future, moderate growth in both home values and rent prices is anticipated, shaped by broader economic factors and local market conditions.
