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Zip Code 36432: Average 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 36432, located in Castleberry, Alabama, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership percentages, with some variations in average home prices and average rent prices.
The homeownership rate in zip code 36432 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 82%, which increased to 87% by 2019, indicating a growing preference for homeownership in the area. However, there was a slight dip to 80% in 2022. The average home prices for this zip code were not available for most years, but in 2022, the average home price was $128,189.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2019, when interest rates were relatively low (ranging from 0.11% to 2.16%), the homeownership rate increased from 82% to 87%. However, as interest rates began to rise more sharply in 2022 (1.68%), we saw a slight decrease in homeownership to 80%.
Renter percentages in zip code 36432 have generally decreased over time, inversely mirroring the homeownership trend. In 2013, the renter percentage was 17%, which decreased to 13% by 2019. However, there was an increase to 20% in 2022. Average rent prices have fluctuated over the years, with notable changes including a decrease from $560 in 2013 to $337 in 2016, followed by an increase to $628 in 2022. These fluctuations in rent prices don't seem to directly correlate with the renter percentages, suggesting other factors may be influencing rental demand in the area.
In 2023 and 2024, we see continued changes in the housing market for zip code 36432. The average home price increased slightly to $129,795 in 2023 before decreasing to $125,700 in 2024. This occurs alongside a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to the slight decrease in average home prices observed in 2024.
Looking ahead, based on the historical data and current trends, we can forecast potential scenarios for the next five years. Average home prices in zip code 36432 may experience moderate growth, potentially reaching around $135,000 by 2029, assuming economic conditions remain stable. Average rent prices might continue their upward trend, potentially reaching $700-$750 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 36432 has demonstrated a general trend towards increased homeownership over the past decade, with some recent fluctuations. The area has seen variability in both average home prices and average rent prices. The relationship between interest rates and homeownership rates aligns with typical patterns, with lower rates generally corresponding to higher homeownership. As we move forward, the housing market in this zip code will likely continue to be influenced by broader economic trends, local demographic shifts, and changes in federal interest rates.
