Loading Content...
Average Home Values and Ownership Trends in Zip Code 32180: A Decade of Growth in Pierson's Fern Country
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 32180, located in Pierson, Florida, has experienced significant changes in its housing market over the past decade. This rural area has seen fluctuations in homeownership rates and substantial increases in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 32180 has shown notable variability between 2013 and 2022. In 2013, the homeownership rate stood at 77%, gradually declining to 73% by 2017. However, it rebounded significantly to 81% in 2019, before settling at 79% in 2022. This overall trend of homeownership aligns interestingly with the trajectory of average home prices in the area. From 2013 to 2022, average home prices in the zip code rose dramatically, starting at $110,460 in 2013 and reaching $308,831 by 2022, representing a 179% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates fluctuated between 73% and 77%. Interestingly, when interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership actually increased, peaking at 81% in 2019. This suggests that local factors may have played a more significant role in homeownership decisions than national interest rates during this period.
Renter percentages in zip code 32180 have generally moved inversely to homeownership rates, as expected. The renter population peaked at 27% in 2015 and 2017, coinciding with periods of lower homeownership. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $913, which decreased slightly to $867 by 2019. However, it then rose sharply to $1,060 by 2022, representing a 22% increase from 2013 to 2022. This increase in rent prices, coupled with the area's population growth from 4,245 in 2013 to 5,640 in 2022, suggests increasing demand for rental properties in the area.
Looking at the most recent data, average home prices in zip code 32180 continued to rise, reaching $328,121 in 2023 and further increasing to $336,696 in 2024. This represents a 9% increase from 2022 to 2024, indicating a continued strong housing market in the area. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activities.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32180 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $380,000 to $400,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,200 to $1,300 per month by 2029, driven by population growth and increasing property values.
In summary, zip code 32180 has demonstrated a resilient housing market with an overall trend towards increased homeownership and rising property values. The area has seen substantial growth in both average home prices and rent prices, outpacing many national averages. While homeownership rates have fluctuated, they remain strong, suggesting a continued desire for property ownership in this Florida town. The coming years are likely to see further increases in both home values and rent prices, albeit potentially at a more moderate pace due to higher interest rates and broader economic factors.
