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Lake Hollingsworth: Rising Home Values and Ownership in a Scenic Lakeland 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 Hollingsworth, a neighborhood in Lakeland, Florida, is characterized by its high homeownership rates and rapidly increasing property values. From 2013 to 2022, homeownership rates in the area ranged from 76% to 83%, with the highest rates observed in 2017 and 2018. During this period, average home prices saw a substantial increase of 127.8%, rising from $192,591 in 2013 to $438,663 in 2022.
The relationship between federal interest rates and homeownership in Lake Hollingsworth shows some correlation, but local factors appear to have a more significant influence. For instance, when federal interest rates were low at 0.4% in 2016, homeownership dropped to 76%. However, as rates increased to 1.83% in 2018, homeownership rose to 83%, suggesting that other local factors played a crucial role in housing decisions.
Renter percentages in Lake Hollingsworth have generally remained below 25% throughout the observed period, with the highest percentage of 24% recorded in 2016. Average rent prices have shown moderate fluctuations with a slight upward trend. In 2013, the average rent was $1,162, which decreased slightly to $1,138 by 2022, representing a 2.2% decrease over the decade. Compared to the dramatic increases in home prices, rent prices have remained relatively stable.
In 2023 and 2024, average home prices in Lake Hollingsworth continued to rise, reaching $452,141 in 2023 and $467,140 in 2024. This represents a further 6.5% increase from 2022 to 2024. This price growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the area.
Based on historical data and current trends, forecasts suggest continued growth in average home prices for Lake Hollingsworth over the next five years. Assuming a similar rate of appreciation as seen in recent years, average home prices could potentially reach around $550,000 to $600,000 by 2029. Rent prices, which have been more stable, may see modest increases, potentially reaching an average of $1,200 to $1,250 per month in the same timeframe.
In conclusion, Lake Hollingsworth has maintained a strong homeownership base while experiencing substantial appreciation in property values. The neighborhood has shown resilience in maintaining high homeownership rates despite fluctuations in interest rates and significant increases in home prices. The relative stability of rent prices compared to the sharp rise in home values suggests a potential shift in the rental market dynamics, which may impact future housing decisions in this desirable Lakeland neighborhood.
