Loading Content...
Average Home Values and Ownership in Zip Code 32744: Lake Helen's Resilient Real Estate Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lake Helen, located in zip code 32744 in Florida, has experienced significant changes in homeownership rates and property values over the past decade. This small city, known for its historic charm and proximity to the Atlantic coast, has seen a steady increase in homeownership and average home prices, while rental trends have fluctuated.
The homeownership rate in Lake Helen has shown a consistent upward trend, rising from 79% in 2013 to 87% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price in the area was $93,987, which grew steadily to reach $299,052 by 2022, representing a remarkable 218% increase over this period.
The relationship between federal interest rates and homeownership rates in Lake Helen appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 79% to 81%. Even as interest rates began to rise in 2017 and 2018, homeownership continued to grow, possibly due to the lingering effects of the previously low rates and the area's increasing attractiveness.
Rental trends in Lake Helen have shown some fluctuation. The percentage of renters decreased from 21% in 2013 to 13% in 2022. Despite this decrease in the renter population, average rent prices have generally increased. In 2013, the average rent was $1,048, which rose to $1,346 by 2022, a 28.4% increase. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory or improved quality of available rentals.
Looking at the most recent data, the average home price in Lake Helen reached $311,541 in 2023 and further increased to $319,667 in 2024. This continued upward trend in home prices occurs despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen the local housing market's growth.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Lake Helen to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach approximately $350,000 to $375,000 by 2029. For rent prices, the forecast suggests a continued increase, potentially reaching an average of $1,600 to $1,700 per month by 2029, assuming the current trends in population growth and housing demand persist.
In summary, Lake Helen has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market, while shrinking in terms of percentage of occupants, has seen rising average rents. These trends, coupled with the city's growing population, suggest a strong and dynamic real estate market in zip code 32744, with continued growth expected in both home values and rental prices over the next five years.
