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Average Home Values and Ownership in Zip Code 34482: Ocala's Resilient Horse Country 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 34482 is located in Ocala, Florida, covering an area of 90.11 square miles. This suburban area has experienced fluctuations in homeownership rates and housing prices over the past decade, with recent trends showing an increase in both average home prices and homeownership percentages.
The relationship between homeownership rates and average home prices in zip code 34482 has shown some interesting patterns. In 2013, the homeownership rate was 76%, with an average home price of $119,365. As average home prices steadily increased, reaching $178,858 in 2019, the homeownership rate decreased to 71%. However, this trend reversed in recent years. By 2022, the homeownership rate rose to 77%, the highest in the observed period, while average home prices surged to $293,119, more than doubling since 2013.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period coincided with a general increase in average home prices, from $119,365 in 2013 to $227,255 in 2021. The low interest rates likely contributed to making home financing more accessible, despite rising prices. However, the sharp increase in interest rates to 1.68% in 2022 and 5.02% in 2023 did not immediately impact the high homeownership rate of 77% in 2022.
Renter percentages and average rent prices have shown an inverse relationship to homeownership trends. In 2013, the renter percentage was 22%, with an average rent of $894. As the renter percentage increased to 29% in 2019, average rent decreased to $832. However, this trend reversed in recent years. By 2022, the renter percentage dropped to 23%, while average rent increased to $887. The population growth from 19,635 in 2010 to 22,091 in 2022 may have contributed to the overall demand for housing, influencing both rent and home prices.
In 2023 and 2024, average home prices in zip code 34482 continued to rise, reaching $309,990 in 2023 before slightly decreasing to $307,954 in 2024. This represents a significant increase from the 2022 average of $293,119. Concurrently, federal interest rates climbed to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in zip code 34482 may continue to increase over the next five years, albeit at a slower rate due to the higher interest rates. Average rent prices are also expected to rise, driven by population growth and potential shifts in housing preferences. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, zip code 34482 has experienced significant changes in its housing market over the past decade. The area has seen a recent trend of increasing homeownership rates despite rising home prices, possibly influenced by historically low interest rates until 2021. The subsequent sharp rise in interest rates and continued increase in home prices may reshape these trends in the coming years. The interplay between homeownership rates, rental markets, and housing prices will likely continue to evolve, reflecting broader economic conditions and local demographic shifts.
