Renter percentages in zip code 32310 have shown slight variations over the years. In 2013, renters occupied 54% of housing units, and by 2022, this figure had decreased marginally to 53%. Average rent prices, however, have seen an overall upward trend. In 2013, the average rent was $803, and by 2022, it had increased to $862, representing a 7.3% rise over nine years. This modest increase in rent prices, compared to the more significant rise in home prices, may have contributed to the relative stability in renter percentages.

In 2023 and 2024, the housing market in zip code 32310 continued to evolve. The average home price reached $163,703 in 2023 and further increased to $167,613 in 2024, marking a 2.4% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.

Looking ahead, predictive models suggest that average home prices in zip code 32310 may continue to rise over the next five years, albeit at a more moderate pace. Given the historical trend and recent market conditions, average home prices could potentially reach around $190,000 to $200,000 by 2029. Average rent prices are also expected to increase, potentially reaching $950 to $1,000 per month in the same timeframe, assuming current economic conditions and local market factors persist.

In summary, zip code 32310 has demonstrated a resilient housing market with steady homeownership rates despite significant increases in average home prices. The area has benefited from historically low interest rates, which have helped maintain homeownership levels. Renter percentages have remained relatively stable, with modest increases in average rent prices. The recent rise in interest rates and continued growth in home prices suggest that the housing market in this zip code may face new challenges and opportunities in the coming years, potentially affecting both homeownership and rental markets.