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Coral Springs: Rising Home Values and Shifting Ownership in a Florida Suburb
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 Springs, a vibrant city in Florida, has experienced significant changes in its housing market over the past decade. Known for its family-friendly atmosphere and excellent schools, this suburban community has seen fluctuations in homeownership rates and notable increases in both average home prices and average rent prices.
The relationship between homeownership percentages and average home prices in Coral Springs reveals interesting trends. In 2013, the city had a 61% homeownership rate, with average home prices at $211,287. As average home prices steadily increased, reaching $336,978 by 2019, the homeownership rate remained relatively stable, peaking at 62% in 2017 and 2019. However, a significant shift occurred in 2022, when the homeownership rate dropped to 53% while average home prices surged to $491,484, indicating a potential affordability challenge for prospective buyers.
Federal interest rates have played a role in shaping homeownership trends in Coral Springs. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.4%), homeownership rates remained steady around 60%. As interest rates began to rise, reaching 2.16% in 2019, homeownership briefly increased to 62%. However, the subsequent drop in homeownership to 53% in 2022 coincided with a sharp increase in interest rates to 1.68%, suggesting that rising borrowing costs may have deterred some potential buyers.
Renter percentages and average rent prices in Coral Springs have shown a generally upward trend. In 2013, 39% of residents were renters, with average rent at $1,171. By 2022, the renter percentage increased to 47%, while average rent rose to $1,882. This shift towards renting may be attributed to the city's growing population, which increased from 126,595 in 2013 to 133,365 in 2022, potentially creating more demand for rental properties.
In 2023 and 2024, Coral Springs continued to see growth in average home prices, reaching $522,472 in 2023 and $548,581 in 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and homeownership rates.
Looking ahead, predictive models suggest that average home prices in Coral Springs may continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Coral Springs has experienced a significant increase in average home prices and average rent prices over the past decade. The city has seen a recent shift towards renting, with homeownership rates declining as property values and interest rates have risen. These trends reflect the dynamic nature of the local housing market and the ongoing challenges of affordability in this desirable Florida community.
