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Average Home Values and Ownership in Zip Code 34957: Jensen Beach's Coastal Real Estate Trends
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
Jensen Beach, situated in zip code 34957 in Florida, has undergone notable changes in homeownership rates and property values over the past decade. This coastal community has experienced a general trend of increasing homeownership and rising average home prices, with some fluctuations in rental rates and average rent prices. The homeownership rate in Jensen Beach has shown a steady increase from 72% in 2013 to 76% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $181,861, which has more than doubled to $457,253 by 2022. This correlation suggests that as property values appreciated, more residents were motivated to invest in homeownership. The relationship between federal interest rates and homeownership rates in Jensen Beach appears to follow the general economic principle that lower interest rates encourage homeownership. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 72% to 75%. This trend continued even as interest rates began to rise moderately, with homeownership reaching 78% in 2018 when the federal interest rate was 1.83%.
Renter percentages in Jensen Beach have conversely decreased from 28% in 2013 to 24% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,118 in 2013 to $1,224 in 2022, with some fluctuations in between. Notably, there was a significant jump in average rent to $1,517 in 2021, possibly due to increased housing demand or economic factors related to the pandemic.
In 2023, the average home price in Jensen Beach reached $471,692, with the federal interest rate at 5.02%. As of 2024, the average home price has slightly increased to $475,951, while the federal interest rate has risen to 5.33%. These figures indicate a continued, albeit slower, appreciation in home values despite higher interest rates.
Looking ahead, predictive models suggest that average home prices in Jensen Beach may continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to rise, driven by ongoing demand for housing in the area and the overall trend of increasing property values.
In summary, Jensen Beach has experienced a notable increase in homeownership rates and a significant appreciation in average home prices over the past decade. The inverse relationship between homeownership and rental rates, coupled with rising property values and rent prices, paints a picture of a community with growing appeal for homeowners. The recent stabilization of home price growth and high interest rates may indicate a shift towards a more balanced housing market in the coming years.
