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Zip Code 36748: Average Home Values and Ownership Trends in Linden, 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 36748, located in Linden, Alabama, has experienced notable shifts in its housing market dynamics over the past decade. This area, spanning 164.97 square miles, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends and local market conditions.
The homeownership rate in zip code 36748 has shown a general upward trend from 2013 to 2019, with a slight decline in recent years. In 2013, the homeownership rate was 74%, which increased to a peak of 77% in 2019. However, by 2022, it had decreased to 70%. Concurrently, average home prices have experienced significant growth. From 2014 to 2022, average home prices rose from $86,794 to $108,541, representing a 25% increase over this period.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2014 to 2022 saw historically low interest rates, ranging from 0.09% to 1.68%. These low rates likely contributed to the relatively high homeownership rates observed during this time, as they made mortgage financing more accessible and affordable for potential buyers.
Renter percentages in zip code 36748 have fluctuated inversely to homeownership rates, ranging from a low of 23% in 2019 to a high of 30% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $556, which increased dramatically to $938 in 2015. After some fluctuations, it settled at $696 in 2022. This volatility in rent prices, coupled with the area's declining population (from 3,877 in 2010 to 2,797 in 2022), suggests a complex rental market influenced by various local factors.
In 2023 and 2024, the housing market in zip code 36748 continued to evolve. The average home price rose to $114,147 in 2023, marking the highest point in the available data. However, there was a slight decrease to $110,762 in 2024. This coincided with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may have contributed to the slight cooling in home prices observed in 2024.
Looking ahead, predictive models suggest a potential stabilization in the housing market for zip code 36748. Average home prices are forecasted to maintain a modest growth trajectory, potentially reaching around $120,000 by 2029. Rent prices, which have shown high volatility, are predicted to stabilize with a slight upward trend, potentially averaging around $750-$800 per month in the next five years.
In summary, zip code 36748 has experienced a gradual increase in homeownership rates and average home prices over the past decade, influenced by low interest rates and local market conditions. The recent rise in interest rates may lead to a more balanced market between buyers and renters. The area's declining population adds an additional layer of complexity to these housing market dynamics, potentially influencing both home prices and rental rates in the coming years.
