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Lawsona-Fern Creek: Rising Home Values and Ownership Trends in Orlando's Resilient 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
Lawsona-Fern Creek, a vibrant neighborhood in Orlando, Florida, has experienced significant changes in its housing market over the past decade. Known for its mix of residential properties and proximity to downtown, this area has seen notable fluctuations in homeownership rates and substantial increases in average home and rent prices, reflecting broader economic trends and local market dynamics. From 2013 to 2022, Lawsona-Fern Creek witnessed a general upward trend in homeownership rates, rising from 43% to 51%. This increase coincided with a remarkable surge in average home prices, which more than doubled from $224,923 in 2013 to $468,710 in 2022, representing a 108% increase over nine years.
The relationship between federal interest rates and homeownership rates in Lawsona-Fern Creek followed expected patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership increased from 43% to 49%. However, when interest rates began to rise more substantially from 2017 to 2019 (1% to 2.16%), homeownership rates showed some fluctuation, dropping to 45% in 2017 before rising again to 48% in 2019.
Renter percentages in Lawsona-Fern Creek generally decreased as homeownership increased, dropping from 57% in 2013 to 49% in 2022. Average rent prices, however, displayed a more volatile trend. In 2013, the average rent was $913, which increased to $1,167 in 2017, representing a 28% increase. Interestingly, rent prices then decreased to $909 in 2018 before rising again to $996 in 2022. This fluctuation in rent prices could be attributed to changes in the local housing market and broader economic factors.
Recent data shows that the average home price in Lawsona-Fern Creek reached $477,981 in 2023 and further increased to $495,363 in 2024, representing a 5.7% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Predictive models forecast that average home prices in Lawsona-Fern Creek will continue to rise, potentially reaching around $550,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,250 to $1,300 per month by 2029, considering the historical volatility in rent prices.
In summary, Lawsona-Fern Creek has experienced a notable increase in homeownership rates and a significant rise in average home prices over the past decade. The neighborhood has shown resilience in its housing market, with property values more than doubling since 2013. While rent prices have fluctuated, they have generally trended upward. The recent sharp increase in interest rates may influence future homeownership trends, potentially slowing the rate of increase in property values and affecting the balance between owners and renters in the coming years.
