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Zip Code 36277: Rising Home Values and Strong Ownership Rates in Weaver, 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 36277, located in Weaver, Alabama, has experienced notable fluctuations in population and housing dynamics over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, with some interesting variations in recent years.
The homeownership rate in zip code 36277 has shown a general upward trend, rising from 78% in 2016 to 85% in 2021, before slightly decreasing to 82% in 2022. This trend has coincided with significant changes in average home prices. In 2010, the average home price was $89,556, which steadily increased to $159,290 by 2023, representing a 77.9% increase over 13 years. Notably, there was a substantial jump in average home prices between 2013 and 2014, from $99,100 to $128,858, a 30% increase in just one year.
Federal interest rates have played a role in homeownership trends in this area. From 2010 to 2015, interest rates remained historically low, hovering around 0.1% to 0.18%. During this period, homeownership rates fluctuated but generally remained high, ranging from 81% to 83%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates initially dipped to 78% in 2016 but then rebounded to 84% by 2019, suggesting other local factors may have influenced homeownership decisions.
Renter percentages in zip code 36277 have generally been low, ranging from 15% to 21% between 2013 and 2022. Average rent prices have shown some volatility, starting at $813 in 2013, dropping to $747 in 2015, then rising to a peak of $917 in 2017. Interestingly, despite a growing population from 5,115 in 2010 to 6,024 in 2022, average rent prices decreased to $715 in 2022, the lowest in the recorded period. This decline in rent prices, coupled with a slight increase in renter percentage from 15% in 2021 to 18% in 2022, suggests a potential shift in the local rental market dynamics.
Looking at the most recent data, average home prices in zip code 36277 continued to rise, reaching $159,290 in 2023 and $163,450 in 2024. This represents a 2.6% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 36277 to continue their upward trajectory, potentially reaching around $190,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase to approximately $850 per month over the same period, assuming economic conditions remain relatively stable.
In summary, zip code 36277 has demonstrated a strong preference for homeownership, with rates consistently above 78% since 2013. Average home prices have shown steady growth, more than doubling from 2010 to 2024. The rental market, while smaller, has shown interesting fluctuations, with recent trends suggesting a potential increase in rental demand despite lower average rents. These trends, combined with the area's population growth, indicate a dynamic and evolving housing market in Weaver, Alabama.
