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Kirkman North: Rising Home Values and Shifting Ownership Near Universal Orlando
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
Kirkman North, a neighborhood in Orlando, Florida, has experienced significant changes in its housing market over the past decade. The area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting a dynamic real estate landscape. The homeownership rate in Kirkman North has steadily declined since 2013. In 2013, 26% of residents owned their homes, but by 2022, this figure had dropped to 14%. This downward trend coincides with a substantial increase in average home prices. The average home price in the neighborhood rose from $94,417 in 2013 to $191,541 in 2022, representing a 102.9% increase over nine years. An interesting pattern emerges when examining the relationship between federal interest rates and homeownership rates in Kirkman North. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates continued to decline. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than low interest rates in this neighborhood.
As homeownership decreased, the percentage of renters in Kirkman North increased significantly. In 2013, 66% of residents were renters, and by 2022, this figure had risen to 86%. This surge in rental demand was accompanied by an increase in average rent prices. The average rent rose from $1,064 per month in 2013 to $1,163 in 2022, an increase of 9.3% over nine years. The population of Kirkman North also fluctuated during this period, reaching 9,561 in 2022, which may have contributed to the increased demand for rental properties.
The most recent data shows that the average home price in Kirkman North continued to rise in 2023 and 2024, reaching $207,290 and $210,108 respectively. This represents a further 9.7% increase from 2022 to 2024. Federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home prices in the neighborhood.
Predictive models forecast that average home prices in Kirkman North will continue to rise over the next five years, albeit at a slower pace due to the higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and limited housing supply. The rental market is likely to remain strong, with the percentage of renters potentially stabilizing or increasing slightly.
In conclusion, Kirkman North has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in both average home prices and average rent prices. The neighborhood's housing market has shown resilience and growth, even in the face of changing economic conditions and interest rates. These trends suggest a dynamic and evolving housing landscape in Kirkman North, with implications for both current and future residents.
