Loading Content...
Average Home Values and Ownership in Zip Code 32531: Rural Florida's Real Estate Resilience
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 32531, located in Munson, Florida, has experienced significant changes in its housing market over the past decade. This area, covering 225.42 square miles, has seen fluctuations in homeownership rates and property values, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 32531 has remained relatively stable, with a slight upward trend. In 2013, 85% of residents were homeowners, and by 2022, this figure had held steady at 85%. During this period, average home prices in the area saw substantial growth. In 2013, the average home price was $151,467, and by 2022, it had more than doubled to $309,539, representing a 104% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.4%), homeownership rates remained stable around 82-85%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly, reaching 88% in 2018. This suggests that local factors, such as job market stability or population growth, may have offset the potential negative impact of rising interest rates on homeownership.
Renter percentages in zip code 32531 have fluctuated inversely to homeownership rates, naturally. In 2013, 15% of residents were renters, and this percentage remained the same in 2022. However, average rent prices have shown a volatile trend. In 2013, the average rent was $1,743, rising slightly to $1,746 in 2015. There was a significant drop to $911 in 2020, possibly due to the economic impact of the COVID-19 pandemic. By 2021, average rent had rebounded to $1,632, only to drop again to $912 in 2022. These fluctuations in rent prices occurred against a backdrop of population growth, from 4,878 in 2013 to 6,155 in 2022, suggesting that local economic factors and housing supply played crucial roles in determining rent prices.
Looking at the most recent data, the average home price in zip code 32531 continued to rise, reaching $318,613 in 2023 and $323,662 in 2024. This represents a 4.6% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area have continued to appreciate, albeit at a slower pace than in previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32531 will continue to rise, but at a more moderate pace. Based on historical data and current economic conditions, we project average home prices could reach approximately $360,000 to $380,000 by 2029. For rent prices, given their recent volatility, predictions are less certain. However, if the area's population continues to grow and housing supply remains constrained, we might expect average rent prices to stabilize and potentially increase to around $1,800 to $2,000 per month by 2029.
In summary, zip code 32531 has demonstrated remarkable resilience in its housing market. Despite fluctuations in interest rates and economic challenges, homeownership rates have remained stable, while average home prices have shown substantial appreciation. The rental market has been more volatile, reflecting local economic conditions and population changes. As the area continues to grow, balancing housing affordability with property value appreciation will be crucial for maintaining a healthy real estate market in this Florida community.
