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Milton, Florida: Rising Home Values and Stable Ownership in a Growing City
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
Milton, a city in Florida's Santa Rosa County, has experienced significant changes in its housing market over the past decade. This vibrant community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Milton has shown some variability but has remained relatively stable over the years. In 2013, the city had a homeownership rate of 62%, which increased slightly to 64% by 2018. However, by 2022, this figure had decreased to 59%. During this same period, average home prices in Milton have shown a consistent upward trend. In 2013, the average home price was $113,621, which steadily increased to $267,516 by 2022, representing a substantial 135% increase over nine years.
The relationship between federal interest rates and homeownership rates in Milton shows some correlation. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained stable at 62%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially increased to 64% but then started to decline. This trend suggests that while low interest rates may have initially supported homeownership, other factors such as rising home prices may have counteracted this effect in later years.
Renter percentages in Milton have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 36% in 2018 to 41% in 2022. Interestingly, average rent prices have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,014, which increased to $1,258 by 2021, representing a 24% increase. However, there was a slight decrease to $1,139 in 2022. The growing population, which increased from 15,604 in 2013 to 18,385 in 2022, may have contributed to the overall upward pressure on rent prices despite the slight dip in the most recent year.
Looking at the most recent data, the average home price in Milton continued its upward trajectory, reaching $280,163 in 2023 and further increasing to $284,422 in 2024. This represents a 6.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Milton will continue to rise, potentially reaching around $320,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $1,400 by 2029, assuming the population growth and economic conditions remain stable.
In summary, Milton's housing market has demonstrated resilience and growth over the past decade. The city has experienced a slight decrease in homeownership rates, coupled with significant increases in average home prices. The rental market has seen growth in both the percentage of renters and average rent prices, reflecting the city's population growth. Recent data shows continued appreciation in home values, even in the face of rising interest rates. These trends suggest a dynamic and evolving housing market in Milton, with potential opportunities and challenges for both homeowners and renters in the coming years.
