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Gulfport's Housing Market: Rising Home Values and Ownership Trends in a Coastal 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
Gulfport, Mississippi, a vibrant coastal city known for its beautiful beaches and rich maritime history, has experienced notable shifts in its housing market over the past decade. The city, with a population of 72,228 in 2022, has seen fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The relationship between homeownership rates and average home prices in Gulfport has shown interesting patterns. In 2013, the homeownership rate was 46%, with average home prices at $97,234. By 2022, homeownership had increased to 58%, while average home prices rose to $183,191, representing an 88% increase over this period. This trend suggests that despite rising home prices, more Gulfport residents were able to enter the housing market, possibly due to factors such as income growth or favorable mortgage conditions.
Federal interest rates have played a crucial role in shaping homeownership trends in Gulfport. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates in Gulfport increased from 46% to 52%, indicating that lower interest rates likely encouraged more residents to purchase homes. As interest rates began to rise more significantly from 2017 onwards, homeownership rates in Gulfport remained relatively stable, suggesting that other local factors may have helped sustain homeownership levels.
Rental market trends in Gulfport have shown their own distinct patterns. In 2013, 54% of residents were renters, with average rent at $838. By 2022, the percentage of renters had decreased to 42%, while average rent increased to $1,000, a 19% rise. This inverse relationship between renter percentage and average rent prices could indicate that as rents became more expensive, some residents may have transitioned to homeownership, especially given the concurrent increase in homeownership rates.
Looking at more recent data, average home prices in Gulfport continued to rise, reaching $189,610 in 2023 and $192,938 in 2024. This represents a 5.3% increase from 2022 to 2024. Federal interest rates also saw a significant increase during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in Gulfport continued to appreciate, suggesting strong local demand or other market factors supporting home values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Gulfport will continue to rise, albeit at a more moderate pace. Projections suggest that by 2029, average home prices could reach approximately $220,000 to $230,000. For rent prices, the forecast indicates a potential increase to around $1,150 to $1,200 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, Gulfport's housing market has demonstrated resilience and growth over the past decade. The city has seen a notable increase in homeownership rates despite rising home prices, potentially influenced by periods of low interest rates. The rental market has experienced moderate price increases, with a decreasing proportion of renters. Recent data shows continued home price appreciation even in the face of rising interest rates, indicating strong local market fundamentals. These trends suggest that Gulfport's housing market is likely to remain dynamic, with potential for further growth in both home values and rental prices in the coming years.
