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Average Home Values and Ownership in Zip Code 32750: A Decade of Resilient Growth in Longwood, 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
Longwood, located in zip code 32750 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This suburban area, known for its historic district and proximity to Orlando, has seen fluctuations in its real estate market that reflect broader economic trends. The homeownership rate in zip code 32750 has shown a notable decline followed by a recent uptick. In 2013, the area boasted an 81% homeownership rate, which steadily decreased to 69% by 2019. However, this trend reversed in recent years, with homeownership rising to 76% by 2022. Concurrently, average home prices have experienced substantial growth. In 2013, the average home price was $150,674, which more than doubled to $373,103 by 2022, representing a 147% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership rates declined from 81% to 74%. This unexpected trend might be attributed to other local factors. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased, possibly due to buyers rushing to purchase homes before rates climbed further.
Renter percentages in zip code 32750 have mirrored the inverse of homeownership trends. The proportion of renters increased from 19% in 2013 to a peak of 31% in 2019, before decreasing to 24% in 2022. Average rent prices have shown a steady upward trajectory, rising from $1,405 in 2013 to $1,581 in 2022, a 12.5% increase. This rise in rent prices, coupled with the area's population growth from 23,822 in 2013 to 25,067 in 2022, suggests a consistent demand for rental properties despite the recent shift back towards homeownership.
In 2023 and 2024, the average home prices in zip code 32750 continued to rise, reaching $393,900 in 2023 and $408,413 in 2024. This represents a 5.6% and 3.7% year-over-year increase, respectively. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 32750 may continue to rise, albeit at a slower pace due to higher interest rates. Over the next five years, average home prices could potentially reach around $450,000 to $475,000, assuming a moderate annual growth rate of 2-3%. Average rent prices are also expected to increase, potentially reaching $1,800 to $1,900 per month within the next five years, driven by ongoing population growth and demand for housing in the area.
In summary, zip code 32750 has experienced a significant increase in average home prices, a recent rebound in homeownership rates, and steady growth in average rent prices. The interplay between these factors, along with changes in federal interest rates, has shaped the local real estate market. As the area continues to grow, balancing affordability with housing demand will be crucial for maintaining a diverse and thriving community.
