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Average Home Values and Ownership in Zip Code 34474: A Decade of Change in Ocala, 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
Zip code 34474, located in Ocala, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift from a predominantly owner-occupied community to a more balanced mix of owners and renters, alongside substantial increases in both home values and rental costs.
The ownership percentage in zip code 34474 has shown a general downward trend from 2013 to 2022, coinciding with rising average home prices. In 2013, 55% of housing units were owner-occupied, with average home prices at $128,072. By 2022, the ownership rate had decreased to 52%, while average home prices had more than doubled to $304,306. This inverse relationship suggests that as home prices increased, homeownership became less attainable for some residents.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low (below 0.5%), corresponding with relatively stable homeownership rates around 56%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 51%. Interestingly, despite near-zero interest rates in 2020 and 2021, homeownership rates remained at 51% and 49% respectively, possibly due to economic uncertainties during the pandemic.
The renter percentage in zip code 34474 has generally increased from 45% in 2013 to 48% in 2022, correlating with rising average rent prices. Average rent increased from $899 in 2013 to $958 in 2022, with a significant spike to $1,278 in 2021. The population also grew during this period, from 14,112 in 2013 to 17,295 in 2022, potentially increasing demand for rental properties and contributing to rent price increases.
In 2023 and 2024, average home prices in zip code 34474 showed signs of stabilization after years of growth. The average home price in 2023 was $313,992, slightly increasing from 2022, but then decreased marginally to $312,687 in 2024. This coincides with a significant rise in federal interest rates, reaching 5.02% in 2023 and 5.33% in 2024, which may have cooled the housing market.
Looking ahead, predictive models suggest that average home prices in zip code 34474 may continue to stabilize or experience modest growth over the next five years, influenced by higher interest rates and potential market corrections. Average rent prices are projected to increase moderately, driven by population growth and the continued demand for rental properties in the area.
In summary, zip code 34474 has witnessed a shift towards a more balanced housing market with increasing renter occupancy and rising property values. The interplay between interest rates, home prices, and rental costs has significantly influenced homeownership trends. As the area continues to grow, these dynamics will likely play a crucial role in shaping the future housing landscape of this Ocala, Florida community.
