Loading Content...
Bryant Park's Housing Market: Rising Home Values and Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bryant Park, a vibrant neighborhood in Lake Worth Beach, Florida, has experienced significant changes in its real estate market over the past decade. This analysis explores the fluctuations in homeownership rates, property values, and demographic composition from 2013 to 2024, highlighting the area's dynamic nature.
Homeownership rates in Bryant Park have shown notable variability. In 2013, the rate stood at a high 77%, but declined to 66% by 2017, before rebounding to 68% in 2022. Concurrently, average home prices in the area demonstrated a strong upward trajectory. The average home price more than doubled from $103,405 in 2013 to $293,507 in 2022, representing a substantial 183.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Bryant Park reveals interesting patterns. From 2013 to 2016, relatively low interest rates (ranging from 0.11% to 0.40%) coincided with a decline in homeownership from 77% to 67%. This counterintuitive trend suggests that local factors may have had a stronger influence on homeownership than national interest rates during this time. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized around 68-70%, indicating a possible correlation between higher interest rates and a steadier ownership market in recent years.
Renter percentages in Bryant Park have fluctuated inversely to homeownership rates, rising from 23% in 2013 to a peak of 34% in 2017, before settling at 32% in 2022. Average rent prices have shown considerable volatility during this period. Starting at $1,222 in 2013, rents peaked at $1,769 in 2016, then experienced fluctuations before reaching $1,731 in 2022. This represents a 41.7% increase in average rent from 2013 to 2022. The population of Bryant Park has also varied, dropping from 2,439 in 2010 to a low of 1,826 in 2015, before rebounding to 2,711 in 2022. These population changes likely influenced the demand for rental properties and, consequently, rent prices.
More recent data shows that the average home price in Bryant Park continued its upward trend, reaching $307,932 in 2023, a 4.9% increase from 2022. However, in 2024, there was a slight decrease to $306,932, marking a 0.3% decline. This recent stabilization coincides with higher federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These elevated interest rates may be contributing to a cooling effect on home price appreciation in the neighborhood.
Predictive models suggest that average home prices in Bryant Park may continue to experience moderate growth over the next five years, albeit at a slower pace than the rapid appreciation seen in the early 2020s. Average rent prices are expected to maintain an upward trajectory, driven by ongoing demand for rental properties in the area. However, the rate of increase may be tempered by economic factors and local market conditions.
In summary, Bryant Park has demonstrated a resilient and dynamic real estate market over the past decade. The neighborhood has experienced significant appreciation in home values, fluctuating homeownership rates, and volatile rent prices. Recent trends indicate a potential stabilization in the housing market, influenced by rising interest rates. As Bryant Park continues to evolve, these trends will likely shape its demographic composition and real estate landscape in the coming years.
