Alabama couple search for country escape on 'American Dream Home'
Home buyers are eager to make 'the dream of owning land a reality,' said one real estate insider
Host Cheryl Casone helps Ali, Tyler and their family find a home in Oneota, Alabama, on ‘American Dream Home.’
This week, "American Dream Home" introduced viewers to Aly and Tyler, as the couple searched the community of Oneonta, Alabama, for their country escape.
The town is near Birmingham, about an hour north — and not that far from Atlanta, Georgia.
The cost of living is about 11 percent cheaper than the national average.
"The demand for small farms and recreational properties has continued to grow."
And at the time we filmed with the couple, homes were going for about $135 a square foot.
ON ‘AMERICAN DREAM HOME,' ONE COUPLE'S SEARCH FOR A HOME IS REVEALED IN TULSA, OKLAHOMA
I spoke with their realtor, Coldwell Banker's Michele Reidel, also featured in the episode, to get an update on the market today.
"In the time since filming, the demand for small farms and recreational properties has continued to grow. This has been driven, at least in part by historically low interest rates, a healthy economy, and low inventory levels across the southeast."
One real-estate professional told FOX Business Network about today's "newfound (or perhaps renewed) interest in living a more sustainable and independent lifestyle." (iStock / iStock)
Reidel also said, "Adding to that is what I believe to be a newfound (or perhaps renewed) interest in living a more sustainable and independent lifestyle in light of living through the uncertainty of a global pandemic."
She also said, "While it’s yet to be seen just how much impact inflation and stalling economic growth has on this demand, one thing is certain: Buyers are increasingly interested in making the dream of owning land a reality."
"The price point and amount of space you get in this area of the country is very affordable."
The typical home value in nearby Columbus, Georgia, is $144,571, according to Realtor.com.
Those values have jumped 16.6% year over year.
Still, the price point and amount of space you get in this area of the country is very affordable.
The town of Oneonta, Alabama, is about an hour north of Birmingham (shown above) — and it's not that far from Atlanta, Georgia. (iStock / iStock)
I found a 5-bedroom, 5-bath, 590,000 square foot home listed for $590,000 on Zillow. It has a 3-car garage, formal dining room, and a very large master suite.
I understand why demand is still strong.
If you look specifically at Oneonta, where we filmed, the economics are impressive for such a small town.
The population stands at 6,601 people — so you know your neighbors!
There is only a 2.1% unemployment rate, compared to the national average of 3.6%, according to BestPlaces.net. The population stands at 6,601 people — so you know your neighbors!
Home in the area have appreciated 8.4% over the last decade. For families, there are 14.9 students per teacher in Oneonta.
Cheryl Casone is host of "American Dream Home," which airs on Wednesday nights at 9 p.m. ET on FOX Business Network. (Fox News / Fox News)
With the 30-year fixed rate mortgage recently hitting a 13-year-high, money transfers EO Jonathan Merry told FOX Business, "Americans are having to dig deep into their pockets for home purchases — and larger monthly payments threaten to price out buyers that can't put down significant down payments."
"That's happening amid the backdrop of escalating rent nationally exacerbating the difficulty of first-time home ownership."
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As for home prices nationally, Natixis expects a correction of 5 percent.
To learn more about one couple's search for the right house, watch the video at the top of this article, or click here to view it.