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Average Home Values and Ownership in Zip Code 32811: Orlando's Dynamic 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 32811, located in Orlando, Florida, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership and rising average home and rent prices, with some notable fluctuations.
The homeownership rate in zip code 32811 has shown a downward trend from 2013 to 2019, dropping from 28% to 24%. However, there was a reversal of this trend starting in 2020, with homeownership increasing to 32% by 2022. This change coincided with significant growth in average home prices, which rose from $52,663 in 2010 to $200,888 in 2022, representing a 281% increase over 12 years.
Federal interest rates have played a role in homeownership trends. From 2010 to 2015, interest rates remained below 0.2%, coinciding with the period of declining homeownership in the area. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in the zip code also started to increase. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in zip code 32811 showed an upward trend from 2013 to 2018, increasing from 70% to 75%. This trend corresponded with a steady rise in average rent prices, which increased from $1,033 in 2013 to $1,094 in 2018. The population in the zip code fluctuated during this period, reaching a peak of 38,492 in 2018, which may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023, the average home price in zip code 32811 reached $214,722, and in 2024, it further increased to $219,950. This represents a 9.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates observed in the dataset since 2007.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32811 will continue to rise, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the same timeframe. These projections are based on the historical trends observed in the data and assume relatively stable economic conditions.
In summary, zip code 32811 has experienced a complex interplay between homeownership rates, average home prices, and rent prices. The area has seen a recent uptick in homeownership despite rising home prices and interest rates. The rental market has also shown strength, with increasing renter percentages and rising rent prices. The coming years are likely to see continued growth in both home values and rent prices in this Orlando zip code.
