Loading Content...
Isle of Capri: Rising Home Values and Ownership Rates in a Coastal Florida Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Isle of Capri in Treasure Island, Florida, has experienced significant changes in homeownership and property values over the past decade. From 2013 to 2022, homeownership rates increased from 74% to 85%, while average home prices more than doubled from $231,153 to $546,484. The most substantial price increase occurred between 2020 and 2022, with average home values rising by over $189,000 in just two years.
The correlation between federal interest rates and homeownership rates in the Isle of Capri follows a typical pattern. As interest rates remained historically low from 2013 to 2021 (ranging from 0.08% to 2.16%), homeownership rates steadily increased. This relationship is evident in the rise of owner-occupied homes from 74% in 2013 to 84% in 2021, as lower interest rates made mortgages more affordable and attractive to potential buyers.
The percentage of renters in the Isle of Capri decreased from 26% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, increasing from $1,102 in 2013 to $1,325 in 2022. This indicates that while fewer residents are renting, those who do are paying higher prices, possibly due to improved property quality or increased demand for the limited rental inventory.
In 2023 and 2024, the Isle of Capri experienced a slight cooling in the housing market. Average home prices decreased from the 2022 peak of $546,484 to $532,031 in 2023 and further to $523,152 in 2024. This coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening buyer demand and causing a minor correction in home values.
Predictive models suggest a potential stabilization in home prices over the next five years, with modest annual growth rates between 2-4%. This forecast takes into account the current higher interest rate environment and the recent price adjustments. For rent prices, a continued gradual increase is anticipated, with projected annual growth of 3-5%, reflecting the ongoing demand for rental properties in this desirable coastal location.
The Isle of Capri has demonstrated a strong trend towards homeownership, with significant appreciation in property values over the past decade. The neighborhood has shown resilience in its housing market, even as it adapts to changing economic conditions. The recent slight downturn in home prices, coupled with high interest rates, may present new opportunities for both buyers and renters in this attractive Florida community.
