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Average Home Values and Ownership in Zip Code 32124: A Decade of Growth Near Daytona International Speedway
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 32124, located in Daytona Beach, Florida, has experienced significant changes in its real estate landscape over the past decade. This area, known for its proximity to the famous Daytona International Speedway, has seen a general trend of increasing homeownership rates and rising average home prices, with some fluctuations in average rent prices.
The homeownership rate in zip code 32124 has shown a strong upward trend, increasing from 81% in 2019 to 88% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $180,238, and by 2022, it had risen dramatically to $442,915, representing a 145.7% increase over nine years. This trend suggests a growing preference for homeownership in the area, possibly driven by the long-term investment potential of real estate in this zip code.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 32124. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates increased from 83% to 86%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 88% in 2022. This suggests that despite rising interest rates, other factors such as the area's desirability and potential for appreciation continued to drive homeownership.
The renter population in zip code 32124 has experienced some fluctuations. In 2013, renters made up 17% of the population, which decreased to 12% by 2022. Interestingly, average rent prices have not shown a consistent trend. In 2013, the average rent was $1,470, which increased to $1,789 in 2017, but then decreased to $1,551 in 2022. This fluctuation in rent prices, coupled with the decreasing percentage of renters, suggests a shift towards homeownership in the area, possibly due to the perceived value of owning property in this zip code.
Looking at the most recent data, the average home price in zip code 32124 continued its upward trajectory, reaching $469,371 in 2023 and $477,521 in 2024. This represents a 6% increase from 2022 to 2023 and a further 1.7% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32124 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $550,000 to $600,000 by 2029. For average rent prices, we expect a gradual increase, potentially reaching $1,800 to $2,000 per month by 2029, assuming economic conditions remain stable and the area continues to attract residents.
In summary, zip code 32124 in Daytona Beach has demonstrated a strong trend towards homeownership, with steadily increasing average home prices despite fluctuations in interest rates. The area has seen a decrease in the renter population, although rent prices have fluctuated. The recent surge in home prices and interest rates suggests a robust real estate market in this zip code, with potential for continued growth in both home values and rental rates over the next five years.
