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Jewel Avenue, Lakeland: A Decade of Rising Home Values and Shifting Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Jewel Avenue, located in Lakeland, Florida, is a dynamic neighborhood that has experienced significant shifts in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The relationship between homeownership rates and average home prices in Jewel Avenue presents an interesting dynamic. In 2013, the neighborhood had a homeownership rate of 47%, with average home prices at $35,826. As average home prices steadily increased, reaching $154,697 in 2022, the homeownership rate experienced a decline, dropping to 43% in the same year. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in Jewel Avenue. In 2013, when interest rates were at a low 0.11%, the neighborhood saw its highest homeownership rate of 47%. As interest rates gradually increased, reaching 1.68% in 2022, homeownership rates fluctuated but generally trended downward. This pattern aligns with the well-established trend that lower interest rates typically encourage homeownership due to more affordable financing options.
The rental market in Jewel Avenue has shown a corresponding trend to homeownership rates. In 2013, 53% of residents were renters, with average rent at $708. As the renter percentage increased to 57% in 2022, average rent prices also rose significantly to $1,190. This upward trend in both renter occupancy and average rent prices suggests a growing demand for rental properties in the neighborhood, potentially driven by the rising costs of homeownership.
Looking at the most recent data, average home prices in Jewel Avenue continued to rise, reaching $169,868 in 2023 and $181,068 in 2024. This represents a substantial increase from previous years, indicating a strong housing market in the area. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Jewel Avenue will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a similar upward trajectory, potentially surpassing $1,500 per month by 2029, assuming the current trends persist.
In summary, Jewel Avenue has experienced a notable shift from homeownership to renting over the past decade, coupled with significant increases in both average home prices and average rent prices. The inverse relationship between rising home prices and declining homeownership rates, influenced by fluctuating interest rates, has been a key feature of this neighborhood's housing market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the local community.
