35150, Sylacauga, AL

The 35150 zip code of Sylacauga, AL has a population of around 16,000 people. The median household income in this zip code is $41,500, which is significantly lower than the national median household income of $59,039. Additionally, the homeownership rate in this zip code is just 54%, which is significantly lower than the national homeownership rate of 68%.

One reason that homeownership rates in this zip code are so low is likely because there are a lot of homes that are worth less than their mortgages. According to Zillow’s Home Value Index for ZIP Codes within 100 miles of Birmingham (which includes Sylacauga), the median home value in this area is $135,700. However, according to Zillow’s Mortgage Calculator tool, the average mortgage debt for homes in this zip code is $172,600. This means that almost half (46%) of all homes in this area have a mortgage that exceeds their home value.

Another reason why homeownership rates in this area are so low may be because there are not many opportunities for people to buy homes here. According to Trulia’s analysis of data from NeighborhoodScout®, only 2% of properties in the 35150 zip code are classified as “highly desirable” neighborhoods. This means that most people who want to buy a home here will have to settle for something less desirable instead.

Overall, it seems clear that there are many reasons why homeownership rates in the 35150 zip code are so low – and it will likely take a lot more than just improving economic conditions to bring them up to par with the national average.