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Hunters Green: Rising Home Values and Shifting Ownership in Tampa's Resilient Real Estate 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
Hunters Green, a neighborhood in Tampa, Florida, has experienced significant changes in its housing market over the past decade. This analysis focuses on the shifts in homeownership rates, average home prices, and average rent prices from 2013 to 2024. The homeownership rate in Hunters Green has declined from 74% in 2013 to 68% in 2022. Concurrently, average home prices have increased substantially, rising from $240,313 in 2013 to $507,953 in 2022, a 111% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have influenced homeownership trends in Hunters Green. From 2013 to 2016, interest rates remained low (0.11% to 0.40%), and homeownership rates were stable at around 71%. As interest rates rose from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 66% by 2019. A drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a slight rebound in homeownership to 69% in 2021, demonstrating how lower interest rates can encourage homeownership.
The renter population in Hunters Green has grown from 26% in 2013 to 32% in 2022. Average rent prices have also increased, rising from $1,393 in 2013 to $1,930 in 2022, a 38.5% increase. The population of Hunters Green fluctuated during this period, peaking at 6,342 in 2019 before decreasing to 5,659 in 2022. This population change, coupled with the increasing renter percentage, indicates a growing demand for rental properties in the area.
Recent data shows that the average home price in Hunters Green reached $526,723 in 2023 and further increased to $542,703 in 2024, representing year-over-year increases of 3.7% and 3% respectively. Federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially affecting home affordability and future homeownership rates in the neighborhood.
Predictive models forecast that average home prices in Hunters Green will continue to rise over the next five years, albeit at a more moderate pace. By 2029, average home prices could reach approximately $650,000 to $700,000. Average rent prices are also expected to increase, potentially reaching $2,300 to $2,500 per month by 2029. These projections assume a continuation of current economic conditions and local market trends.
In conclusion, Hunters Green has experienced a decline in homeownership rates alongside significant increases in average home prices and rent prices over the past decade. The interplay between federal interest rates, population changes, and housing market dynamics has shaped these trends. As the neighborhood continues to evolve, it is likely to see further increases in both home values and rental costs, potentially affecting the demographic composition of the area in the coming years.
