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Average Home Values and Ownership in Zip Code 32217: A Decade of Growth in Jacksonville, 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
Jacksonville's zip code 32217 presents an intriguing snapshot of housing dynamics in Florida. This area has experienced notable fluctuations in homeownership rates and property values over the past decade. The ownership percentage has remained relatively stable, hovering around 56-59%, while average home prices have shown a significant upward trend, particularly in recent years.
The relationship between homeownership rates and average home prices in zip code 32217 reveals some interesting patterns. In 2013, when the homeownership rate was 58%, the average home price was $137,551. By 2022, despite a slight increase in homeownership to 59%, average home prices had more than doubled to $311,196. This substantial rise in property values did not significantly impact homeownership rates, suggesting other factors may be influencing residents' ability or desire to own homes in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 32217. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership remained relatively stable at around 57-59%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but ultimately remained within the same range, suggesting a resilient local housing market.
Renter percentages and average rent prices in zip code 32217 have shown their own distinct trends. The renter-occupied percentage has fluctuated between 41% and 44% from 2013 to 2022. Average rent prices have generally increased over this period, rising from $1,059 in 2013 to $1,032 in 2022, with some fluctuations in between. Notably, there was a significant jump in average rent to $1,239 in 2021, coinciding with a population increase to 18,613, before dropping back down in 2022 as the population slightly decreased to 18,588.
As of 2024, the average home price in zip code 32217 has reached $325,823, continuing the upward trend observed in previous years. This represents a 2.35% increase from the 2023 average of $318,329. Concurrently, federal interest rates have risen to 5.33% in 2024, up from 5.02% in 2023, potentially influencing future homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 32217 may continue to rise over the next five years, potentially reaching around $375,000 by 2029 if current trends persist. Average rent prices are also projected to increase, possibly surpassing $1,300 per month within the same timeframe, assuming steady population growth and economic conditions.
In summary, zip code 32217 in Jacksonville, Florida, has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has maintained a relatively balanced mix of owners and renters, with both housing prices and rent showing upward trends. The recent sharp rise in interest rates may impact future homeownership patterns, while continued population growth could further drive up both home values and rental costs in this dynamic Florida neighborhood.
