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Average Home Values and Ownership in Lake Mary, Florida Zip Code 32746: A Decade of Significant Changes
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 32746, located in Lake Mary, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices, reflecting the dynamic nature of its real estate landscape. The homeownership rate in zip code 32746 has shown a consistent decline from 2013 to 2022. In 2013, 74% of residents were homeowners, but by 2022, this figure had dropped to 63%. This 11% decrease in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $213,150, which rose dramatically to $439,530 by 2022, representing a 106% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for many residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained relatively low, ranging from 0.11% to 0.40%. During this period, homeownership rates declined moderately from 74% to 67%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate stabilized at around 65%. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) did not reverse the downward trend in homeownership, which continued to decline to 63% by 2022.
The renter population in zip code 32746 has grown substantially, increasing from 26% in 2013 to 37% in 2022. This 11% rise in renters corresponds with an increase in average rent prices. In 2013, the average rent was $1,423, which climbed to $1,671 by 2022, a 17.4% increase. The population of the zip code also grew during this period, from 38,428 in 2013 to 44,051 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 32746 continued to evolve. The average home price in 2023 reached $464,707, a 5.7% increase from 2022. In 2024, it further rose to $476,240, representing a 2.5% increase from 2023. Notably, federal interest rates also saw significant increases, rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 32746 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the ongoing shift towards renting. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, zip code 32746 has experienced a significant shift from homeownership to renting, accompanied by substantial increases in both average home prices and rent prices. The interplay between federal interest rates, population growth, and housing affordability has shaped these trends, resulting in a transformed housing landscape in this Lake Mary, Florida area.
