While the percentage of renters in zip code 34481 has remained low, fluctuating between 8% and 11% from 2013 to 2022, average rent prices have shown an upward trend. In 2013, the average rent was $1,004, which increased to $1,071 by 2022, a 6.7% rise. The highest average rent recorded was $1,154 in 2021. It's worth noting that despite the population growth from 17,880 in 2013 to 24,433 in 2022, the rental market has remained relatively small, suggesting a strong preference for homeownership in this community.

Looking at the most recent data, average home prices in zip code 34481 continued to rise in 2023, reaching $295,491. However, there was a slight decrease to $292,493 in 2024. This minor dip coincides with a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher interest rates may be contributing to a slight cooling in the housing market.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34481 will continue to rise, albeit at a more moderate pace. The rapid growth seen in recent years is likely to stabilize, with annual increases potentially ranging from 3% to 5%. Average rent prices are expected to follow a similar trend, with projected increases of 2% to 4% annually over the next five years.

In summary, zip code 34481 in On Top of the World, Florida, has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to market fluctuations, maintaining a strong preference for owner-occupied housing despite rising home prices. The recent slight decrease in average home prices, coupled with rising interest rates, suggests a potential shift towards a more balanced market in the coming years.