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Highland City: Rising Home Values and Shifting Ownership in Florida's Growing 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
Highland City, a Florida community, has experienced significant changes in its housing market over the past decade. With a population of 22,028 in 2022 and covering 7.82 square miles, this city has seen notable shifts in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Highland City has gradually declined from 83% in 2013 to 75% in 2022. During this same period, average home prices have shown a substantial increase. In 2013, the average home price was $84,556, which rose dramatically to $266,102 by 2022, representing a 214% increase over nine years.
An interesting correlation exists between homeownership rates and federal interest rates. Despite low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, the homeownership rate still declined from 83% to 74%. This suggests that other factors, such as rising home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in Highland City.
The percentage of renters in Highland City has increased from 17% in 2013 to 25% in 2022. During this period, average rent prices have fluctuated. In 2013, the average rent was $1,355, which peaked at $1,414 in 2016 before declining to $1,267 in 2022. This represents a slight overall decrease of 6.5% in average rent prices from 2013 to 2022. The increase in the renter population, despite relatively stable rent prices, may be attributed to the rising home prices making homeownership less accessible for some residents.
In 2023 and 2024, the housing market in Highland City continued to evolve. The average home price in 2023 was $272,983, showing a further increase from 2022. In 2024, the average home price reached $274,631, indicating a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Based on the historical data and current trends, we can forecast the following 5-year trends for Highland City: Average home prices are likely to continue rising, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $300,000-$320,000 by 2029. Average rent prices may see a moderate increase as demand for rental properties continues to grow. Projected average rent could reach approximately $1,400-$1,500 by 2029.
Highland City has experienced a shift towards a higher percentage of renters, driven by rapidly increasing home prices. Despite this trend, the majority of residents still own their homes. The interplay between rising home prices, fluctuating rent prices, and changing interest rates will continue to shape the housing market in this Florida community in the coming years.
