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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 32193, encompassing Welaka in Florida, has experienced notable trends in homeownership and housing prices over the past decade. This analysis examines the patterns in homeownership rates, average home prices, and average rent prices in this small community. The homeownership rate in zip code 32193 has shown an overall upward trend from 2013 to 2022. Starting at 81% in 2013, it increased to 86% by 2022. This rise coincided with a substantial increase in average home prices, which grew from $104,286 in 2013 to $244,127 in 2022, marking a remarkable 134% increase over nine years.
The correlation between federal interest rates and homeownership rates in this zip code aligns with the established pattern of lower interest rates promoting homeownership. For instance, when interest rates reached historic lows of 0.38% and 0.08% in 2020 and 2021 respectively, homeownership rates in the area peaked at 82% and 88%. This suggests that the low-interest environment made home financing more accessible, potentially driving up homeownership rates.
Renter percentages in zip code 32193 have generally declined from 19% in 2013 to 11% in 2022. Interestingly, average rent prices have fluctuated significantly during this period. In 2013, the average rent was $1,329, which increased to $1,693 by 2017. However, there was a sharp decline to $629 in 2018, followed by an increase to $1,699 in 2019. By 2022, the average rent had settled at $931. These fluctuations in rent prices, coupled with the declining renter percentage, indicate a complex rental market in this small community.
Examining the most recent data, the average home price in zip code 32193 reached $262,169 in 2023 and further increased to $279,902 in 2024. This represents a 14.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, indicating strong demand in this market.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 32193 will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, given their historical volatility, a precise prediction is challenging. However, if the trend of the past few years continues, average rent prices might stabilize around $1,000 to $1,200 per month by 2029.
In conclusion, zip code 32193 has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has demonstrated resilience in terms of home value appreciation, even in the face of rising interest rates. The rental market, while smaller, has shown more volatility in both occupancy rates and prices. These trends suggest a growing preference for homeownership in this area, potentially driven by the long-term investment value of properties in this zip code.