Loading Content...
DeBary, Florida: Rising Home Values and Changing Ownership Trends in a Growing City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
DeBary, a city in Florida, has experienced significant growth and changes in its housing market over the past decade. This community, known for its natural beauty and proximity to Orlando, has seen notable shifts in homeownership rates and property values. The homeownership rate in DeBary has remained relatively stable, albeit with some fluctuations. In 2013, 85% of residents owned their homes. This figure dipped slightly to 79% in 2019 before rebounding to 81% in 2022. Concurrently, average home prices have shown a strong upward trend. In 2013, the average home price was $150,858. By 2022, this figure had more than doubled to $371,824, representing a significant increase in property values over the decade.
Federal interest rates have played a role in shaping homeownership trends in DeBary. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.14%. This financing environment likely contributed to the city's consistently high homeownership rates. However, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership from 85% in 2021 to 81% in 2022.
Renter percentages in DeBary have mirrored the inverse of homeownership rates, ranging from 15% in 2013 to 21% in 2019, before settling at 19% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,195. This figure rose to $1,442 in 2021 before slightly decreasing to $1,230 in 2022. The increase in rental prices, coupled with the growing population from 22,072 in 2013 to 26,223 in 2022, suggests a steady demand for rental properties in the area.
In 2023 and 2024, DeBary's housing market continued its upward trajectory. The average home price reached $384,061 in 2023 and further increased to $391,294 in 2024. This represents a 5.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, predictive models suggest that DeBary's housing market will likely continue its growth trajectory over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $450,000 by 2029. Rent prices are also expected to rise, albeit at a more moderate pace of 2-3% per year, potentially reaching an average of $1,400-$1,500 by 2029.
In summary, DeBary has maintained a strong homeownership rate despite rising property values. The city's housing market has shown remarkable resilience and growth, with average home prices more than doubling over the past decade. While recent increases in interest rates may pose challenges for potential homebuyers, the overall trend suggests continued appreciation in both home values and rental prices, reflecting the city's enduring appeal and economic vitality.
