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Average Home Values and Ownership in Zip Code 32796: Kennedy Space Center's Neighboring Housing Market
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 32796, located in Titusville, Florida, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, known for its proximity to Kennedy Space Center, has seen a notable increase in homeownership and fluctuating property values.
The ownership percentage in zip code 32796 has shown a strong upward trend, rising from 74% in 2013 to 83% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $81,328, which more than tripled to $258,625 by 2022. This trend suggests a growing preference for homeownership in the area, despite the rising costs.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership remained relatively stable around 73-75%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership in the zip code surprisingly continued to increase, reaching 83% in 2022. This trend defies the typical expectation that higher interest rates would discourage homeownership.
Conversely, the percentage of renters in zip code 32796 has decreased from 26% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $978 in 2013 to $983 in 2022, with fluctuations in between, peaking at $1,118 in 2021. The population in the zip code has remained relatively stable, declining slightly from 20,880 in 2013 to 20,395 in 2022, which may have contributed to the moderate rent price changes despite the decreasing renter percentage.
In 2023 and 2024, the housing market in zip code 32796 continued to evolve. The average home price rose to $270,014 in 2023 and further increased to $277,474 in 2024. This represents a 4.4% increase from 2022 to 2023 and a 2.8% increase from 2023 to 2024. Concurrently, federal interest rates saw a significant jump, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade.
Looking ahead, based on current trends, we can predict that average home prices in zip code 32796 will continue to rise over the next five years, albeit at a potentially slower rate due to high interest rates. Average home prices could reach approximately $300,000 by 2029. Rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching around $1,050 by 2029.
In summary, zip code 32796 has experienced a significant increase in homeownership rates and average home prices over the past decade. This trend has persisted despite rising interest rates, suggesting strong local demand for homeownership. The rental market has seen a decrease in the renter population but with relatively stable rent prices. The coming years are likely to see continued growth in home values, albeit at a potentially moderated pace, while the rental market may experience modest price increases.
