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Home Values and Ownership in Zip Code 32927: Port St. John's Tripling Property Prices
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
Port St. John, located in zip code 32927 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership versus renting, and their relationship to average housing and rent prices. The ownership percentage in Port St. John has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 82%, and by 2022, it had risen to 89%, representing a 7 percentage point increase over nine years. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $97,168, and by 2022, it had increased dramatically to $298,212, marking a 207% increase.
The relationship between federal interest rates and homeownership rates in Port St. John appears to follow the general trend of lower interest rates encouraging homeownership. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates increased from 82% to 86%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), the rate of increase in homeownership slowed but continued to climb, reaching 87% by 2019.
Conversely, the percentage of renters in Port St. John has decreased over time. In 2013, the renter-occupied rate was 17%, which dropped to 11% by 2022. This decline in renters coincides with fluctuations in average rent prices. The average rent in 2013 was $1,260, which decreased slightly to $1,214 in 2018 before rising again to $1,250 in 2022. It's worth noting that despite the overall decrease in the renter population, average rent prices have remained relatively stable with a slight upward trend in recent years.
Looking at the most recent data, the average home price in Port St. John continued to rise in 2023, reaching $308,689. In 2024, it further increased to $315,027. This represents a 5.6% increase from 2022 to 2024. Simultaneously, federal interest rates have also risen significantly, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. This increase in interest rates may potentially impact future homeownership trends.
Based on the observed trends, we can make some predictions for the next five years. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $350,000 to $375,000 by 2029. Average rent prices, which have shown more stability, may continue to increase gradually, potentially reaching $1,400 to $1,500 by 2029.
In summary, Port St. John has experienced a significant increase in homeownership rates and average home prices over the past decade. This trend has been accompanied by a decrease in the renter population, despite relatively stable average rent prices. The recent sharp increase in interest rates may influence future homeownership trends, potentially slowing the rate of increase in both homeownership and average home prices in the coming years.
