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Apollo Beach: Rising Home Values and Ownership in a Coastal Boomtown
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
Apollo Beach, Florida, a Census-designated place in Hillsborough County, has experienced significant growth and development in recent years. This coastal community, known for its waterfront properties and the Tampa Electric Manatee Viewing Center, has seen a consistent increase in homeownership rates and average home prices over the past decade.
The homeownership rate in Apollo Beach has shown a steady upward trend, increasing from 76% in 2013 to 82% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $215,537, which grew to $488,351 by 2022, representing a 126.6% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in homeownership trends in Apollo Beach. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.4%), homeownership rates increased from 76% to 77%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates continued to climb, reaching 82% by 2019. This trend indicates that despite rising interest rates, other factors such as strong local economic conditions and desirable location may have contributed to the continued growth in homeownership.
The percentage of renters in Apollo Beach has decreased over time, from 24% in 2013 to 18% in 2022. Despite this decline, average rent prices have generally increased. In 2013, the average rent was $1,464, which rose to $1,835 by 2022, representing a 25.3% increase. This upward trend in rent prices, coupled with a decreasing renter population, suggests that the rental market in Apollo Beach has become more competitive and potentially less affordable for some residents.
In 2023 and 2024, Apollo Beach's housing market showed signs of stabilization. The average home price in 2023 was $489,967, a slight increase from 2022. However, in 2024, there was a minor dip to $488,855. This leveling off coincides with higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially cooling the rapid price growth seen in previous years.
Looking ahead, predictive models suggest that average home prices in Apollo Beach may experience moderate growth over the next five years, albeit at a slower pace than the rapid increases seen in the past decade. Average rent prices are also expected to continue their upward trajectory, potentially driven by the area's growing population and limited rental inventory.
In summary, Apollo Beach has demonstrated a strong trend towards homeownership, with significant increases in both ownership rates and average home prices over the past decade. The rental market, while shrinking in terms of percentage of occupied units, has seen rising average rents. The recent stabilization in home prices, coupled with higher interest rates, may signal a more balanced market moving forward. These trends reflect Apollo Beach's evolution into an increasingly desirable and valuable real estate market in Florida's Tampa Bay area.
