Zip code 32808, located in Orlando, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices. The homeownership rate in zip code 32808 has shown a gradual decline from 2013 to 2018, followed by a slight recovery. In 2013, 44% of housing units were owner-occupied, but this figure dropped to 37% by 2018. Since then, there has been a modest increase, reaching 41% in 2022. This trend inversely correlates with the average home prices in the area. In 2013, the average home price was $56,335, which steadily increased to $245,235 by 2022, representing a remarkable 335% increase over nine years. This substantial rise in home prices likely contributed to the initial decline in homeownership rates, as affordability became a significant challenge for potential buyers.

Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, interest rates remained extremely low, ranging from 0.11% to 0.40%. During this period, homeownership rates in zip code 32808 declined despite favorable borrowing conditions, suggesting that rising home prices outweighed the benefits of low interest rates. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and even showed a slight increase, possibly due to buyers rushing to purchase homes before rates climbed further.

The renter population in zip code 32808 has grown considerably, with the percentage of renter-occupied units increasing from 55% in 2013 to 62% in 2018, before slightly decreasing to 59% in 2022. This trend aligns with the rise in average rent prices, which increased from $1,027 in 2013 to $1,086 in 2022, a 5.7% increase. The population growth in the area, from 51,080 in 2013 to 63,177 in 2022, likely contributed to the increased demand for rental properties, supporting both higher renter percentages and rent prices.