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Coral Ridge: Soaring Home Values and Ownership Trends in Fort Lauderdale's Coastal Gem
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
Coral Ridge, an affluent neighborhood in Fort Lauderdale, Florida, has experienced significant changes in homeownership rates and property values over the past decade. Known for its waterfront properties and upscale amenities, this community has maintained a high percentage of owner-occupied homes while average home prices have shown a substantial upward trend. Rent prices, however, have fluctuated during this period.
The homeownership rate in Coral Ridge has generally increased from 2013 to 2022, with some variations. In 2013, the ownership rate was 67%, which rose to 72% by 2021, before slightly decreasing to 65% in 2022. This overall upward trend in homeownership coincides with a significant increase in average home prices. The average home price in 2013 was $493,603, which more than doubled to $1,125,021 by 2022, representing a 128% increase over nine years. This indicates a strong correlation between rising property values and homeownership rates.
The relationship between federal interest rates and homeownership rates in Coral Ridge reveals interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 65-67%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased, reaching 71% in 2019. This suggests that other factors, such as the neighborhood's desirability and strong property appreciation, may have outweighed the impact of rising interest rates on homeownership decisions in Coral Ridge.
Renter percentages in Coral Ridge have generally decreased as average rent prices fluctuated. In 2013, 33% of residents were renters, with an average rent of $1,606. By 2022, the renter percentage increased slightly to 35%, while the average rent decreased to $1,370. However, there were significant fluctuations in between, with average rent reaching a peak of $1,979 in 2021 when the renter percentage was at its lowest of 28%. These trends suggest that rental demand in Coral Ridge may be influenced by factors beyond just price, such as the overall desirability of the neighborhood and the availability of rental properties.
In 2023 and 2024, Coral Ridge continued to see growth in average home prices. The average home price in 2023 was $1,169,597, representing a 4% increase from 2022. In 2024, the average home price further increased to $1,213,430, a 3.7% rise from the previous year. This continued appreciation occurred despite the significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures indicate the resilience of the Coral Ridge real estate market in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in Coral Ridge are likely to continue their upward trajectory, albeit potentially at a more moderate pace due to the higher interest rate environment. A conservative estimate might suggest annual appreciation rates of 3-5%, which could bring the average home price to around $1.4-$1.5 million by 2029. Average rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching the $1,500-$1,700 range within the next five years, assuming economic conditions remain favorable and demand for rentals in the area persists.
In summary, Coral Ridge has demonstrated a robust real estate market characterized by increasing homeownership rates and substantial appreciation in average home values. The neighborhood has shown resilience to rising interest rates, maintaining strong property values and homeownership levels. While rental markets have shown more variability, the overall trend suggests a continued preference for homeownership in this desirable Fort Lauderdale community. The coming years are likely to see continued growth in property values, albeit potentially at a more moderate pace, as Coral Ridge remains an attractive location for both homeowners and investors.
