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Callaway's Housing Market: Steady Ownership Amid Rising Home Values
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
Callaway, located in Florida, is a vibrant community with a population of 17,732 as of 2022. This city, spanning 9.45 square miles, has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. The city has shown resilience in maintaining a relatively stable balance between owner-occupied and renter-occupied housing units, while navigating through significant changes in the real estate market.
The homeownership rate in Callaway has shown moderate fluctuations over the years. In 2013, the city had a homeownership rate of 68%, which remained stable through 2014. However, there was a noticeable decline to 62% in 2016, followed by a gradual increase to 66% by 2022. This trend correlates interestingly with the average home prices in the area. For instance, as homeownership rates dipped to their lowest in 2016 at 62%, the average home price was $146,437. As homeownership rates rebounded to 66% in 2022, average home prices had risen significantly to $245,352, representing a substantial 67.5% increase over this six-year period.
The relationship between federal interest rates and homeownership rates in Callaway follows a generally expected pattern. For example, in 2013 when interest rates were at a low 0.11%, homeownership was at a high of 68%. As interest rates began to rise, reaching 1.83% in 2018, homeownership rates had declined to 62%. However, the city saw a slight increase in homeownership to 66% by 2022, despite rising interest rates, which could be attributed to other local economic factors or housing market dynamics.
Renter percentages in Callaway have inversely mirrored homeownership rates, as expected. The proportion of renters increased from 32% in 2013 to a peak of 38% in 2016 and 2018, before settling back to 34% in 2022. Interestingly, average rent prices have shown a general upward trend despite these fluctuations in renter percentages. The average rent rose from $968 in 2013 to $1,089 in 2022, an increase of about 12.5%. This trend suggests that rental demand has remained strong in the city, possibly driven by factors such as population growth or changes in housing preferences.
In 2023 and 2024, Callaway has seen continued growth in average home prices. The average home price reached $260,589 in 2023 and further increased to $265,625 in 2024, representing a 6.2% and 1.9% year-over-year growth respectively. This growth occurs against a backdrop of high federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that Callaway may continue to see moderate growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $290,000 by 2029, while average rent prices might approach $1,300 per month. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, Callaway has demonstrated a dynamic housing market over the past decade. The city has maintained a relatively stable homeownership rate, hovering around 65-66% in recent years, despite significant increases in average home prices. The rental market has also shown strength, with steadily increasing average rent prices. The city's ability to maintain this balance while experiencing substantial property value appreciation suggests a robust and adaptable local housing market.
