Loading Content...
Home Values and Ownership in Zip Code 32348: Perry's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 32348, located in Perry, Florida, has shown interesting dynamics in homeownership and housing prices over the past decade. This area has experienced fluctuations in both ownership rates and average home prices, with a general trend towards increased homeownership and rising property values.
The homeownership rate in this zip code has shown an overall upward trend, increasing from 73% in 2013 to 76% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $91,679 in 2013 to $177,111 in 2022, representing a 93% increase over this period. The year 2021 saw a particularly sharp rise in average home prices, jumping from $126,860 in 2020 to $151,252, a 19.2% increase in a single year.
Federal interest rates have played a role in shaping homeownership trends in this area. The period from 2013 to 2022 was characterized by historically low interest rates, ranging from 0.11% to 1.68%. These low rates likely contributed to the increased homeownership rates by making mortgages more affordable. For instance, as interest rates dropped from 1% in 2017 to 0.08% in 2021, homeownership rates increased from 75% to 78% during the same period.
Renter percentages in zip code 32348 have generally decreased as homeownership rates increased. The renter population dropped from 27% in 2013 to 24% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $664, which decreased to $568 in 2017 before rising again to $707 in 2022. This represents a 6.5% increase in average rent from 2013 to 2022, despite the decrease in the renter population percentage.
Looking at the most recent data, average home prices in zip code 32348 continued to rise in 2023 and 2024, reaching $179,174 and $184,027 respectively. This represents a modest increase of 1.2% from 2022 to 2023 and a further 2.7% increase from 2023 to 2024. Federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 32348: Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace. We project average home prices could reach around $210,000 to $220,000 by 2029. Average rent prices may see a steady increase, potentially reaching $750 to $800 per month by 2029, assuming the current trends in population growth and housing demand continue.
In summary, zip code 32348 has experienced a notable increase in homeownership rates and average home prices over the past decade. The area has benefited from low interest rates, which likely contributed to increased homeownership. Despite a decreasing percentage of renters, average rent prices have shown resilience and modest growth. The recent rise in interest rates and continued increase in home prices suggest a potentially changing landscape for both homeowners and renters in this Florida community.
