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Average Home Values and Ownership in Zip Code 32464: Westville's Strong Homeownership Trend
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 32464, located in Westville, Florida, presents an intriguing case study of homeownership and housing market trends. This rural area has seen significant fluctuations in its population and housing dynamics over the past decade. The overall trend shows a strong preference for homeownership, with a notable increase in average home prices and relatively stable average rent prices.
The homeownership rate in zip code 32464 has demonstrated a consistent upward trend, rising from 83% in 2013 to an impressive 92% in 2022. This substantial increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $100,878, which steadily climbed to $208,961 by 2022, representing a remarkable 107% increase over this period. This strong correlation suggests that rising property values have not deterred residents from purchasing homes, possibly indicating a robust local economy or a strong desire for homeownership in this community.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 32464. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the initial surge in homeownership from 83% to 89%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to increase, albeit at a slower pace, eventually reaching 92%. This suggests that other factors, such as local economic conditions or cultural preferences, may have outweighed the impact of rising interest rates on homeownership decisions in this area.
The rental market in zip code 32464 has experienced a corresponding decline as homeownership rates increased. The percentage of renters decreased from 17% in 2013 to just 8% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. In 2013, the average rent was $631, which fluctuated over the years, reaching a peak of $684 in 2017 before settling at $572 in 2022. This relative stability in rent prices, despite the shrinking renter population, might indicate a limited but consistent demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 32464 decreased to $194,772 in 2023, with a slight increase to $197,782 in 2024. This represents a 6.8% decrease from the 2022 peak, possibly indicating a cooling in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to a moderation in home price growth and could potentially impact homeownership rates in the near future.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32464 may continue to experience moderate growth, albeit at a slower pace than the rapid increases seen in the past decade. The average home price could potentially reach around $220,000 to $230,000 by 2029. Average rent prices are expected to remain relatively stable, potentially increasing slightly to around $600-$650 per month, assuming current economic conditions and local market factors persist.
In summary, zip code 32464 has demonstrated a strong trend towards homeownership, with the rate increasing from 83% to 92% between 2013 and 2022. This shift has been accompanied by a significant increase in average home prices, more than doubling over the same period. The rental market has contracted, but average rent prices have remained relatively stable. Recent data shows a slight cooling in the housing market, with home prices decreasing slightly in 2023 and 2024, coinciding with rising interest rates. Looking forward, moderate growth in home prices and stable rent prices are anticipated, though these trends may be influenced by broader economic factors and local market conditions.
