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Home Values and Ownership Trends in Zip Code 32702: Pittman's Resilient Housing Market
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
Zip code 32702, located in Pittman, Florida, has experienced significant shifts in homeownership rates and property values over the past decade. This area, covering 89.01 square miles, has seen notable fluctuations in its population and housing market dynamics. The homeownership rate in zip code 32702 has shown an overall increasing trend from 2013 to 2022, albeit with some fluctuations. In 2013, the homeownership rate was 61%, which increased to 69% by 2018, marking the highest point in the observed period. However, by 2022, it had decreased slightly to 60%. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in 2013 was $93,495, and by 2022, it had significantly increased to $249,161, representing a remarkable 166.5% growth over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 32702. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), the homeownership rate increased from 61% to 62%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate continued to climb, reaching 67% in 2019. This suggests that other local factors may have been influencing homeownership decisions during this period, possibly outweighing the impact of rising interest rates.
Renter percentages and average rent prices in zip code 32702 have shown an inverse relationship to homeownership rates. As homeownership increased, the percentage of renters generally decreased. For instance, in 2013, the renter percentage was 39%, which dropped to 31% by 2018 as homeownership peaked. Average rent prices, however, have shown an overall upward trend. In 2013, the average rent was $1,465, which increased to $1,960 by 2022, representing a 33.8% increase over this period. This rise in rent prices occurred despite fluctuations in the renter population, suggesting strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 32702 continued its upward trajectory, reaching $265,871 in 2023 and further increasing to $281,077 in 2024. This represents a 6.7% and 5.7% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32702 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current market conditions, we project average home prices could reach around $330,000 to $350,000 by 2029. For rent prices, the upward trend is likely to persist, with average rents potentially increasing to the $2,300 to $2,500 range over the next five years, assuming consistent demand and economic stability in the area.
In summary, zip code 32702 has demonstrated a complex interplay between homeownership rates, property values, and rental market dynamics. The area has seen substantial growth in both home prices and rent, with homeownership rates fluctuating but generally trending upward until recent years. The impact of rising interest rates, coupled with the significant increase in property values, will likely play a crucial role in shaping the future housing market landscape in this Florida community.
