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Holiday Park, St. Petersburg: Rising Home Values and Strong Ownership Trends
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
Holiday Park, a neighborhood in St. Petersburg, Florida, has experienced notable changes in homeownership rates and property values over the past decade. The area has generally maintained a high percentage of owner-occupied homes, with average home prices showing a consistent upward trend. From 2013 to 2022, homeownership rates fluctuated significantly, peaking at 93% in 2019 before settling at 80% in 2022. This trend correlated with changes in average home prices, which rose from $196,086 in 2013 to $462,845 in 2022.
The relationship between federal interest rates and homeownership rates in Holiday Park demonstrated some correlation. The period of increasing homeownership from 2013 to 2019 coincided with relatively low federal interest rates, ranging from 0.11% to 2.16%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the slight decrease in homeownership from 2020 to 2022 occurred despite historically low interest rates, suggesting other factors were also influencing the market.
Renter percentages in Holiday Park inversely mirrored homeownership trends, with the proportion of renters decreasing from 19% in 2013 to a low of 7% in 2019, then rising to 20% in 2022. Average rent prices showed some volatility, peaking at $1,646 in 2014 and 2016 before declining to $1,302 in 2022. The increase in renter percentage from 2019 to 2022 coincided with a decrease in average rent prices, possibly indicating increased demand for rental properties or economic factors affecting the rental market.
Recent data shows that the average home price in Holiday Park continued its upward trajectory, reaching $478,782 in 2023 and further increasing to $499,068 in 2024. This represents a significant rise from the 2022 figure of $462,845. Concurrently, federal interest rates have also increased substantially, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. This increase in interest rates could potentially impact future homeownership rates and property values in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Holiday Park will continue to rise, albeit potentially at a slower rate due to higher interest rates. Average rent prices may see a moderate increase as demand for rental properties could grow if higher interest rates make homeownership less accessible. However, the exact trajectory will depend on various economic factors and local market conditions.
In summary, Holiday Park has demonstrated resilience in its housing market, with generally high homeownership rates and steadily increasing property values. The neighborhood has weathered fluctuations in both ownership and rental markets, showing adaptability to changing economic conditions. The recent sharp increase in interest rates, coupled with rising home prices, may present new challenges and opportunities for both homeowners and renters in this dynamic St. Petersburg community.
