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Belmar Gardens: Soaring Home Values and Ownership in Tampa's Evolving Neighborhood
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
Belmar Gardens, a vibrant neighborhood in Tampa, Florida, has experienced significant changes in homeownership and housing prices over the past decade. This area has seen a remarkable increase in owner-occupied homes, coupled with substantial growth in average home values and average rent prices.
The trend of homeownership in Belmar Gardens has shown a consistent upward trajectory. In 2013, 81% of homes were owner-occupied, and this figure steadily increased to reach 92% by 2022. This rise in homeownership coincided with a dramatic increase in average home prices. In 2013, the average home price was $319,226, and by 2022, it had skyrocketed to $840,145, representing a 163% increase over nine years. This parallel growth suggests a strong correlation between rising home values and increasing homeownership rates in the neighborhood.
The relationship between federal interest rates and homeownership rates in Belmar Gardens presents an interesting dynamic. Despite fluctuations in interest rates, the neighborhood maintained its upward trend in homeownership. For instance, when interest rates rose from 0.13% in 2015 to 1.83% in 2018, homeownership still increased from 78% to 85%. This suggests that other factors, such as the neighborhood's desirability and local economic conditions, may have played a more significant role in driving homeownership than interest rates alone.
Conversely, the percentage of renters in Belmar Gardens has steadily declined, dropping from 18% in 2013 to just 7% in 2022. Despite this decrease, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,816, which decreased to $1,402 in 2014 before rising again to reach $1,687 in 2022. The population growth from 1,478 in 2013 to 1,904 in 2022 may have contributed to maintaining demand for rental properties despite the decreasing percentage of renters.
Looking at the most recent data, the average home price in Belmar Gardens continued its upward trajectory, reaching $863,708 in 2023 and $888,701 in 2024. This represents a 2.8% increase from 2023 to 2024, indicating a continued strong housing market in the neighborhood. Interestingly, federal interest rates also saw an increase, rising from 5.02% in 2023 to 5.33% in 2024, which could potentially impact future homebuying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Belmar Gardens will continue to rise, potentially reaching around $1.1 million by 2029. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the same timeframe. These projections are based on the historical growth patterns observed in the neighborhood.
In summary, Belmar Gardens has demonstrated a strong trend towards homeownership, with a concurrent rise in property values. The neighborhood has maintained its appeal despite fluctuations in interest rates and has seen consistent population growth. The declining renter population, coupled with rising rent prices, suggests a competitive rental market. As Belmar Gardens continues to evolve, it appears poised for further growth in both homeownership rates and property values, cementing its status as a desirable residential area in Tampa.
