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Home Values and Ownership in Garden Manor Lake: A Decade of Transformation
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
Garden Manor Lake, a neighborhood in St. Petersburg, Florida, has experienced significant changes in its real estate market and demographics over the past decade. This analysis examines the fluctuations in homeownership rates, average home prices, and rental trends from 2013 to 2024, highlighting the area's dynamic nature. Homeownership rates in Garden Manor Lake have shown considerable variability from 2013 to 2022. Starting at 77% in 2013, the rate peaked at 87% in 2014 before declining sharply to 50% by 2019. However, it rebounded to 75% in 2022. Concurrently, average home prices in the area demonstrated a consistent upward trend, more than doubling from $137,015 in 2013 to $379,763 in 2022, representing a 177% increase over nine years. The relationship between federal interest rates and homeownership rates in Garden Manor Lake follows established economic patterns. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively high, hovering around 76-87%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates started to decline, hitting a low of 50% in 2019 when interest rates peaked at 2.16%.
Renter percentages in Garden Manor Lake have mirrored the inverse of homeownership trends. The renter population increased from 23% in 2013 to a peak of 50% in 2019, before decreasing to 25% in 2022. Average rent prices have shown overall growth, albeit with some fluctuations. In 2013, the average rent was $1,074, which increased to $1,496 by 2022, representing a 39% increase. Notably, there was a significant drop in average rent to $784 in 2015, followed by a sharp increase to $1,337 in 2019, coinciding with the highest percentage of renters.
The most recent data shows that the average home price in Garden Manor Lake continued its upward trajectory, reaching $389,597 in 2023 and $407,021 in 2024. This represents a further 7.2% increase from 2022 to 2024. Federal interest rates have also risen significantly, hitting 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Predictive models forecast continued growth in both average home prices and rent prices over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $450,000 to $500,000 by 2029, while average rent prices might increase to around $1,700 to $1,900 per month.
In conclusion, Garden Manor Lake has experienced substantial growth in property values over the past decade, with average home prices nearly tripling from 2013 to 2024. The neighborhood has also seen significant shifts in homeownership rates, likely influenced by changing interest rates and local market conditions. The rental market has shown resilience, with steadily increasing average rents despite fluctuations in the renter population. As we move forward, the interplay between rising property values, higher interest rates, and demographic shifts will continue to shape the real estate landscape in this St. Petersburg neighborhood.
