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Lake Davis-Greenwood: Rising Home Values and Ownership Trends in Orlando's Lakeside Neighborhood
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
Lake Davis-Greenwood, a vibrant neighborhood in Orlando, Florida, has experienced significant fluctuations in homeownership rates and property values over the past decade. From 2013 to 2022, homeownership rates increased from 28% to 34%, with a peak of 40% in 2021. Concurrently, average home prices showed a consistent upward trend, while average rent prices increased at a more moderate pace.
The relationship between homeownership rates and average home prices in Lake Davis-Greenwood reveals an interesting dynamic. In 2013, when the homeownership rate was 28%, the average home price was $197,518. As homeownership increased to 37% in 2020, average home prices rose to $335,646, representing a 70% increase over seven years. This trend suggests that rising property values may have encouraged more residents to invest in homeownership. However, the slight dip in homeownership to 34% in 2022, despite average home prices reaching $427,638, indicates that affordability concerns may have started to impact homebuying decisions.
Federal interest rates have played a significant role in shaping homeownership trends in the neighborhood. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the increase in homeownership from 28% to 37%, as lower interest rates made mortgages more affordable. The slight decrease in homeownership to 34% in 2022 occurred as interest rates began to rise, reaching 1.68% that year, potentially making home purchases less attainable for some residents.
Renter percentages and average rent prices in Lake Davis-Greenwood have also shown notable trends. In 2013, 72% of residents were renters, with an average rent of $1,106. By 2022, the renter percentage decreased to 66%, while average rent increased to $1,233, a 11.5% rise over nine years. This moderate increase in rent prices, combined with the growing population from 1,500 in 2013 to 1,806 in 2022, suggests a steady demand for rental properties in the area.
As of 2024, the average home price in Lake Davis-Greenwood has reached $457,925, representing a 7.2% increase from the 2022 average of $427,638. This continued appreciation occurs against the backdrop of higher interest rates, which stand at 5.33% in 2024. The 2023 average home price was $438,488, indicating a steady year-over-year increase in property values despite rising interest rates.
Looking ahead, predictive models suggest that average home prices in Lake Davis-Greenwood may continue to rise over the next five years, potentially reaching around $550,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially reaching approximately $1,400 by 2029, reflecting the ongoing demand for rental properties in the area.
In summary, Lake Davis-Greenwood has experienced a complex interplay between homeownership rates, property values, and rental market dynamics over the past decade. The neighborhood has seen a general trend towards increased homeownership, accompanied by significant appreciation in home values. However, recent shifts suggest that rising prices and interest rates may be challenging affordability for some potential buyers. The rental market remains robust, with moderate increases in average rent prices. As the community continues to evolve, these trends will likely shape its demographic and economic landscape in the coming years.
