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Harbor Beach: Rising Home Values and Stable Ownership in Fort Lauderdale's Affluent Waterfront Neighborhood
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
Harbor Beach, an affluent neighborhood in Fort Lauderdale, Florida, is renowned for its waterfront properties and luxurious homes. Over the past decade, this community has experienced significant fluctuations in homeownership rates and property values. The neighborhood has maintained a high percentage of owner-occupied homes, ranging from 83% to 90%, while average home prices have seen a substantial increase, particularly in recent years.
The homeownership rate in Harbor Beach has shown a generally upward trend from 2013 to 2022, with some minor fluctuations. In 2013, the owner-occupied rate was 83%, which increased to 90% by 2018, the highest point in the observed period. As of 2022, the rate slightly decreased to 86%. Concurrently, average home prices in the neighborhood have experienced a significant upward trajectory. In 2013, the average home price was $831,588, which more than doubled to $1,765,800 by 2022, representing a 112% increase over nine years.
The relationship between federal interest rates and homeownership rates in Harbor Beach shows some interesting patterns. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates increased from 83% to 84%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates actually continued to climb, peaking at 90% in 2018. This suggests that other factors, such as the desirability of the neighborhood and the affluence of its residents, may have a stronger influence on homeownership rates in Harbor Beach than interest rates alone.
Renter percentages in Harbor Beach have inversely mirrored the homeownership trends, decreasing from 17% in 2013 to 14% in 2022. Despite this decline in the renter population, average rent prices have shown a general upward trend. In 2013, the average rent was $1,976, which increased to $2,543 by 2022, representing a 29% increase over nine years. This rise in rent prices occurred even as the neighborhood's overall population decreased from 1,385 in 2013 to 951 in 2022, suggesting that the demand for rental properties in this desirable area remains strong despite the shrinking renter pool.
In 2023 and 2024, Harbor Beach continued to see growth in average home prices. The average home price reached $1,797,961 in 2023 and further increased to $1,863,712 in 2024, representing a 5.5% year-over-year increase. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating the strong appeal of the neighborhood to homebuyers even in a higher interest rate environment.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in Harbor Beach could potentially reach or exceed $2.2 million by 2029. Average rent prices are projected to follow a similar trajectory, potentially surpassing $3,000 per month within the same timeframe.
In summary, Harbor Beach has demonstrated resilience and growth in its real estate market over the past decade. The neighborhood has maintained a high rate of homeownership while experiencing substantial appreciation in property values. Despite a decreasing population and renter percentage, rent prices have continued to rise, reflecting the enduring desirability of the area. With ongoing price increases in both the housing and rental markets, Harbor Beach is poised to remain an exclusive and valuable real estate market in Fort Lauderdale for the foreseeable future.
