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Doral, Florida: Rising Home Values and Stable Ownership in a Growing 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
Doral, Florida, is a vibrant city located in Miami-Dade County, known for its luxurious golf resorts and thriving business district. With a population of 76,999 in 2022, Doral has experienced significant growth in recent years. The city's homeownership rates have remained relatively stable, while average home prices and average rent prices have shown notable increases over time.
From 2019 to 2022, Doral's homeownership rate saw a slight increase from 44% to 45%. During this same period, average home prices in the city demonstrated a substantial upward trend. In 2019, the average home price was $345,866, which rose to $485,152 by 2022, representing a remarkable 40.3% increase in just three years. This significant appreciation in home values occurred despite only a marginal increase in homeownership rates, suggesting that other factors, such as strong demand and limited housing supply, may have played a role in driving up prices.
Federal interest rates can have a significant impact on homeownership rates. From 2019 to 2021, interest rates dropped from 2.16% to 0.08%, which typically encourages homeownership due to more affordable financing options. However, Doral's homeownership rate only increased by 1 percentage point during this period, from 44% to 45%. This modest change in homeownership despite favorable interest rates may indicate other factors influencing the housing market in Doral, such as high home prices or local economic conditions.
The percentage of renters in Doral slightly decreased from 56% in 2019 to 55% in 2022. During this time, average rent prices experienced a notable increase. In 2019, the average rent was $2,011, which rose to $2,542 by 2022, representing a 26.4% increase. This significant rise in average rent prices, coupled with a slight decrease in the percentage of renters, suggests a competitive rental market in Doral. The city's growing population, which increased from 65,746 in 2019 to 76,999 in 2022, likely contributed to the upward pressure on rent prices.
In 2023 and 2024, Doral's average home prices continued their upward trajectory. The average home price reached $526,211 in 2023 and further increased to $553,335 in 2024, representing a 14.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying affordability and could potentially influence future homeownership rates in Doral.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Doral will continue to rise, albeit at a potentially slower pace due to higher interest rates. Average home prices could reach approximately $650,000 by 2029. Similarly, average rent prices are expected to increase, potentially reaching around $3,000 per month by 2029, driven by population growth and the city's desirability.
In summary, Doral has experienced significant growth in both average home prices and average rent prices from 2019 to 2024, despite relatively stable homeownership rates. The city's population growth, coupled with its attractiveness as a residential and business hub, has likely contributed to the strong appreciation in property values and rental costs. As Doral continues to develop, it will be crucial to monitor how these trends impact the city's housing market and overall affordability for residents.
