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Boggy Creek's Homeownership Surge: A Decade of Rising Home Values in Orlando
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Boggy Creek, a vibrant neighborhood in Orlando, Florida, has experienced significant shifts in its housing market over the past decade. This area has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The ownership percentage in Boggy Creek has shown a remarkable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 79%, and after some fluctuations, it reached an impressive 88% by 2022. This substantial increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $97,322, and it steadily climbed to $299,682 by 2022, representing a 208% increase over this period.
The relationship between federal interest rates and homeownership rates in Boggy Creek shows an interesting pattern. Despite the general trend of lower interest rates encouraging homeownership, Boggy Creek's ownership percentage increased even as interest rates rose from near-zero levels in 2021 to 1.68% in 2022. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership in this neighborhood.
Conversely, the renter percentage in Boggy Creek has decreased over time, from 21% in 2013 to 11% in 2022. This decline in renters occurred alongside fluctuations in average rent prices. The average rent increased from $1,252 in 2013 to a peak of $1,532 in 2019, before decreasing to $1,232 in 2022. The population of Boggy Creek also fluctuated during this period, reaching 4,018 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, Boggy Creek's housing market continued to evolve. The average home price rose to $317,381 in 2023 and further increased to $328,865 in 2024. This represents a 9.6% increase from 2022 to 2024. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that Boggy Creek's housing market will likely continue its upward trajectory. Based on historical trends, average home prices could potentially reach around $380,000 to $400,000 in the next five years. Average rent prices, which have shown more volatility, might stabilize and gradually increase to approximately $1,500 to $1,600 per month in the same period.
In summary, Boggy Creek has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. The neighborhood has shown resilience in its housing market, with homeownership rates increasing despite rising interest rates. While the rental market has seen some fluctuations, the overall trend points towards a community increasingly dominated by homeowners. These trends, coupled with the recent increases in home prices and interest rates, suggest a dynamic and evolving housing market in Boggy Creek for the coming years.
