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Center Hill, Florida: Rising Home Values and Shifting Ownership in a Small City
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
Center Hill, Florida: A Small City with Dynamic Housing Trends Center Hill, located in Florida, has experienced significant fluctuations in its population and housing market over the past decade. This small city has seen its population grow from 2,307 in 2020 to 2,334 in 2022, showcasing a modest increase. The city's homeownership rates and average home prices have shown interesting trends, while average rent prices have also experienced notable changes. The homeownership rate in Center Hill has fluctuated over the years, with a general downward trend from 2013 to 2019, followed by a slight recovery. In 2013, the homeownership rate was 72%, which decreased to 59% by 2019. However, there was a modest increase to 64% by 2022. This trend coincides with changes in average home prices. The average home price in Center Hill has shown a consistent upward trend since data became available in 2017. The average home price rose from $169,487 in 2017 to $328,573 in 2022, representing a substantial increase of 93.9% over five years.
The relationship between federal interest rates and homeownership rates in Center Hill shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates were relatively stable, hovering between 71% and 76%. However, as interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), homeownership rates declined to 59%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in Center Hill has generally increased over the years, rising from 28% in 2013 to 36% in 2022. This trend coincides with changes in average rent prices. The average rent price increased from $737 in 2013 to $893 in 2022, representing a 21.2% increase over nine years. It's worth noting that the city's population has fluctuated during this period, which may have influenced rental demand and prices.
In 2023 and 2024, Center Hill experienced continued growth in average home prices, reaching $336,441 in 2023 and slightly decreasing to $330,616 in 2024. This represents a 2.4% increase from 2022 to 2023, followed by a 1.7% decrease from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slight cooling in home prices.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in Center Hill may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in recent years. Average rent prices are likely to continue their upward trajectory, driven by increased demand for rental properties and overall economic factors.
In summary, Center Hill has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. The city has seen a general trend of increasing home values and rent prices, while homeownership rates have fluctuated but shown recent signs of recovery. These trends, coupled with changes in federal interest rates, paint a picture of a dynamic housing market in this Florida city.
