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Hampton, Florida: Evolving Home Values and Ownership in a Small Community
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
Hampton, Florida: A Compact Community with Changing Housing Dynamics Hampton, Florida, is a small municipality located in Bradford County. With a population of 3,851 in 2022 and an area of just 1.05 square miles, it's a compact community that has experienced notable shifts in its housing market over the past decade. The homeownership rate in Hampton has seen a significant decline from 2013 to 2022. In 2013, 76% of residents owned their homes, but by 2022, this figure had dropped to 55%. This downward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $115,449, which steadily rose to $246,789 by 2022, representing a 114% increase over nine years.
The relationship between federal interest rates and homeownership rates in Hampton shows an interesting pattern. As interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates initially remained stable but then began to decline. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than low interest rates in this particular market.
The renter population in Hampton has grown considerably, from 24% in 2013 to 45% in 2022. This increase in renters has been accompanied by fluctuations in average rent prices. The average rent peaked at $949 in 2013, dropped to $792 in 2022, representing a 16.5% decrease. Despite the growing renter population, the decrease in average rent could be attributed to factors such as increased housing supply or economic conditions specific to the area.
Looking at the most recent data, the average home price in Hampton reached $260,910 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $259,177, indicating a potential stabilization in the market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which could impact future homebuying activity.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Hampton may continue to rise, albeit at a slower pace due to higher interest rates. The average home price could potentially reach around $290,000 to $310,000 by 2029. Average rent prices, which have been decreasing, might stabilize or see a slight increase, potentially reaching $850 to $900 per month in the next five years, influenced by the growing renter population and potential economic changes.
In summary, Hampton has experienced a significant shift from a predominantly homeowner community to one with a more balanced mix of owners and renters. The sharp rise in home prices, coupled with recent increases in interest rates, has likely contributed to the declining homeownership rate. Meanwhile, the rental market has grown substantially, despite fluctuations in average rent prices. These trends suggest a changing housing landscape in Hampton, with potential implications for community dynamics and local economic patterns in the coming years.
