Loading Content...
Average Home Values and Ownership in Zip Code 32507: A Decade of Resilient Growth in Warrington, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 32507, located in Warrington, Florida, has experienced significant changes in its housing market over the past decade. This coastal community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
From 2013 to 2022, the homeownership rate in zip code 32507 showed a slight overall increase, moving from 61% to 62%. During this period, average home prices experienced substantial growth. In 2013, the average home price was $148,522, which rose steadily to reach $353,562 by 2022, representing a remarkable 138% increase over nine years. This trend suggests that despite rising home prices, the area maintained its appeal to homeowners, possibly due to its desirable location or local economic factors.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 60% to 61%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in zip code 32507 fluctuated between 2013 and 2022, starting at 39% in 2013, peaking at 46% in 2016, and then declining back to 38% by 2022. Average rent prices showed an overall upward trend during this period, increasing from $1,031 in 2013 to $1,104 in 2022, a 7% rise. Interestingly, the population grew from 27,446 in 2013 to 32,188 in 2022, which may have contributed to the pressure on both home prices and rents.
Looking at the most recent data, the average home price in zip code 32507 reached $372,827 in 2023 and further increased to $377,456 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32507 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, driven by population growth and the overall appreciation of the local real estate market.
In summary, zip code 32507 has demonstrated resilience in its housing market, with steadily increasing home values and a relatively stable homeownership rate despite fluctuations in the rental market. The area has seen significant population growth, which has likely contributed to the robust increases in both home prices and rents. Moving forward, the interplay between interest rates, population growth, and local economic factors will be crucial in shaping the future of this Florida coastal community's housing market.
