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Average Home Values and Ownership in Zip Code 32159: A Decade of Growth and Stability in Lady Lake, Florida
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 32159, located in Lady Lake, Florida, is characterized by a robust housing market with high homeownership rates and steadily increasing property values. From 2013 to 2022, the homeownership rate remained relatively stable, fluctuating between 80% and 83%, indicating a strong preference for property ownership in the area. During this period, average home prices showed significant growth, rising from $172,805 in 2013 to $326,804 in 2022, representing an impressive 89% increase.
The relationship between federal interest rates and homeownership rates in this zip code presents an intriguing case. Despite fluctuations in interest rates, the homeownership rate remained relatively stable. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 80%. In 2022, as interest rates rose to 1.68%, the homeownership rate increased slightly to 81%. This suggests that factors beyond interest rates, such as local market conditions and demographics, may play a significant role in homeownership decisions in this area.
Regarding rental trends, the percentage of renters in zip code 32159 showed a slight increase from 17% in 2013 to 19% in 2022. This modest rise in renters coincides with a substantial increase in average rent prices. In 2013, the average rent was $1,044, which climbed to $1,161 by 2022, representing an 11.2% increase. The population remained relatively stable during this period, fluctuating between 26,000 and 28,000 residents, suggesting that rent increases may be driven by factors such as housing demand and overall market conditions rather than significant population growth.
Looking at the most recent data, the average home price in zip code 32159 reached $337,389 in 2023, showing continued growth from the previous year. However, in 2024, there was a slight decrease to $334,103, marking a 1% decline. This slight dip coincides with a further increase in federal interest rates, which rose to 5.33% in 2024, potentially impacting home buying affordability and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32159 may continue to show moderate growth, albeit at a slower pace than observed in recent years. This projection is based on the historical price appreciation and the current market conditions. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,300-$1,400 per month within the next five years, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 32159 demonstrates a resilient housing market characterized by high homeownership rates and steadily increasing property values. The slight increase in the renter population, coupled with rising rent prices, indicates a growing demand for rental properties. Despite recent interest rate hikes, the area's housing market has shown resilience, with only a minor adjustment in home prices. These trends suggest that Lady Lake remains an attractive location for both homeowners and investors, with potential for continued growth in both the ownership and rental sectors of the housing market.
