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Mangrove Bayou: Rising Home Values and Ownership in a Coastal St. Petersburg 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
Mangrove Bayou, a neighborhood in St. Petersburg, Florida, has experienced significant shifts in its housing market over the past decade. This small community has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Mangrove Bayou has shown a strong upward trend, especially in recent years. In 2013, 75% of residents were homeowners, and this figure increased steadily to reach 84% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2010, the average home price in the neighborhood was $247,291, and it grew consistently over the years, reaching $656,146 in 2022. This represents a remarkable 165% increase in average home values over 12 years.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2010 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable around 74-76%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Mangrove Bayou actually increased to 84%. This suggests that local factors, such as the desirability of the neighborhood, may have outweighed the impact of rising interest rates on homeownership decisions.
Conversely, the percentage of renters in Mangrove Bayou has decreased over time, from 25% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. In 2013, the average rent was $1,446, and it increased to $1,819 by 2022, representing a 26% rise. The most significant jump in average rent occurred between 2020 and 2021, when it increased from $1,775 to $2,058, before slightly decreasing in 2022.
Looking at the most recent data, the average home price in Mangrove Bayou continued to rise in 2023 and 2024, reaching $674,316 and $684,774 respectively. This represents a further 4.4% increase from 2022 to 2024. Interestingly, this growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing in the neighborhood.
Based on these trends, we can project that average home prices in Mangrove Bayou are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also continue to increase, driven by the limited supply of rental properties in the area and the overall appreciation of real estate values.
In summary, Mangrove Bayou has seen a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite this, average rent prices have also risen, indicating strong demand for housing in the neighborhood. The community's ability to maintain growth in both homeownership and property values, even in the face of rising interest rates, suggests a robust and desirable local housing market.
