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King Gardens: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
King Gardens, a neighborhood in Miami Gardens, Florida, has undergone significant changes in its housing market over the past decade. The community has experienced a general trend of decreasing homeownership rates alongside rising average home prices and rent costs. This analysis examines these shifts and their potential implications for the neighborhood's future.
From 2013 to 2022, King Gardens saw a gradual decline in homeownership rates, dropping from 74% to 71%. Concurrently, average home prices skyrocketed from $69,108 in 2013 to $313,439 in 2022, marking a staggering 353% increase over nine years. This inverse relationship suggests that escalating home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in King Gardens. Between 2013 and 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates remained relatively stable at 71% to 74%. However, as interest rates began to climb more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate reached its lowest point of 68% in 2017 before slightly recovering to 72% in 2019.
As homeownership rates declined, the renter population in King Gardens generally increased. The percentage of renters rose from 26% in 2013 to 29% in 2022. This shift coincided with rising average rent prices, which increased from $1,336 in 2013 to $1,650 in 2022, representing a 23.5% increase. It's noteworthy that the population of King Gardens decreased from 7,435 in 2013 to 4,603 in 2022, potentially influencing rental market dynamics.
Recent data shows continued growth in both home prices and interest rates. In 2023, the average home price in King Gardens reached $347,879, with the federal interest rate at 5.02%. By 2024, the average home price further increased to $373,456, while the federal interest rate rose slightly to 5.33%. These figures indicate an ongoing upward trend in both home prices and interest rates, which may further impact affordability and homeownership rates in the neighborhood.
Based on historical data and current trends, projections suggest that average home prices in King Gardens may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices could also see a steady increase, possibly surpassing $2,000 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In conclusion, King Gardens has experienced a notable decline in homeownership rates alongside substantial increases in average home prices and rent costs. The interplay between federal interest rates, population changes, and housing market dynamics has shaped these trends. As the neighborhood continues to evolve, monitoring these factors and their impact on the local real estate market and community composition will be crucial.
