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Zip Code 36744: Rising Home Values and Stable Ownership in Greensboro, 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 36744, located in Greensboro, Alabama, presents an intriguing case study of housing trends in a small urban area. Over the past decade, this region has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 36744 has shown resilience, with some fluctuations over the years. In 2013, the homeownership rate stood at 69%, and by 2022, it remained relatively stable at 68%. During this period, average home prices in the area demonstrated a consistent upward trend. In 2013, the average home price was $81,735, and by 2022, it had risen significantly to $128,745, representing a remarkable 57.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates actually decreased slightly from 69% to 63%. However, as interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized around 63%. This suggests that other local factors, such as employment opportunities or demographic shifts, may have played a more significant role in homeownership decisions than interest rates alone in this particular area.
Renter percentages and average rent prices in zip code 36744 have shown some volatility. The percentage of renters increased from 31% in 2013 to a peak of 39% in 2018, before declining to 32% in 2022. Average rent prices fluctuated during this period, with notable increases and decreases. For instance, the average rent rose from $580 in 2013 to a high of $691 in 2017, before dropping to $584 in 2022. These fluctuations may be influenced by changes in the local job market, housing supply, or broader economic conditions affecting the area.
In 2023 and 2024, the housing market in zip code 36744 showed signs of cooling. The average home price decreased slightly from $128,745 in 2022 to $127,214 in 2023, and further to $123,752 in 2024. This 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 likely contributed to the slight downturn in home prices by potentially reducing buyer demand.
Looking ahead, predictive models suggest that average home prices in zip code 36744 may continue to experience modest growth over the next five years, albeit at a slower pace than the previous decade. Average rent prices are expected to stabilize and potentially see slight increases, reflecting the area's relatively steady population and the balance between homeownership and renting trends.
In summary, zip code 36744 has demonstrated resilience in homeownership rates despite fluctuating economic conditions. The area has seen substantial growth in average home prices over the past decade, with a recent cooling trend coinciding with rising interest rates. Renting trends have shown volatility, suggesting a dynamic local housing market responsive to various economic and demographic factors. As the area moves forward, it will be crucial to monitor how these trends evolve in response to broader economic conditions and local development initiatives.
