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Average Home Values and Ownership in Zip Code 32780: Space Coast Housing Market Trends
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 32780, located in Titusville, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its proximity to the Kennedy Space Center, has seen a dynamic real estate market with notable trends in both ownership and rental sectors.
The homeownership rate in zip code 32780 has shown a slight overall increase from 2013 to 2022. In 2013, the homeownership rate was 70%, and by 2022, it had risen to 71%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $88,479, and by 2022, it had risen dramatically to $267,470, representing a 202% increase over nine years. This trend suggests that despite rising home prices, homeownership remained attractive in this zip code.
Federal interest rates appear to have influenced homeownership rates in this area. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 67-68%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 71%. This could indicate that other local factors, such as job growth or demographic changes, may have offset the potential negative impact of rising interest rates on homeownership.
Renter percentages in zip code 32780 have fluctuated over the years, with a slight overall decrease from 30% in 2013 to 29% in 2022. Average rent prices, however, have shown an upward trend. In 2013, the average rent was $961, and by 2022, it had increased to $1,069, a 11.2% rise. It's worth noting that rent prices peaked in 2021 at $1,173 before slightly decreasing in 2022. The population in this zip code has grown from 34,155 in 2013 to 38,576 in 2022, which may have contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, the real estate market in zip code 32780 continued to evolve. The average home price in 2023 was $278,745, showing a further increase from 2022. In 2024, the average home price reached $285,170, indicating a continued upward trend. Simultaneously, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 32780 may continue to rise, albeit at a potentially slower rate due to higher interest rates. We might see average home prices reach around $320,000 to $350,000 by 2029. Average rent prices could also continue their upward trajectory, potentially reaching $1,200 to $1,300 per month by 2029, assuming steady population growth and demand for rental properties.
In summary, zip code 32780 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The rental market has seen more moderate growth in prices, with a slight decrease in the percentage of renters. The area's real estate market appears to be influenced by a combination of factors including population growth, interest rates, and possibly local economic conditions related to the space industry. As we move forward, the interplay between rising home prices, higher interest rates, and local economic factors will likely continue to shape the housing market in this Titusville, Florida zip code.
