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Parkland Estates: Rising Home Values and Shifting Ownership in Tampa's Affluent Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Parkland Estates, a prestigious neighborhood in Tampa, Florida, has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, the percentage of owner-occupied homes decreased from 83% to 66%, while average home prices more than doubled from $659,137 to $1,528,425. During the same period, average rent prices increased from $1,119 to $1,769. These trends reflect the neighborhood's growing desirability and changing demographics.
The relationship between homeownership rates and average home prices in Parkland Estates shows an inverse correlation. As average home prices increased by 131.9% from 2013 to 2022, the percentage of owner-occupied homes declined by 20.5%. This trend suggests that rising property values may have priced out some potential homebuyers, shifting the balance towards more renters in the neighborhood. For instance, in 2015, when the average home price was $780,614, 77% of homes were owner-occupied. By 2020, as the average home price surpassed $1 million, homeownership dropped to 66%.
Federal interest rates have played a role in homeownership trends in Parkland Estates. During periods of low interest rates, such as 2013-2016 when rates were below 0.5%, homeownership remained relatively stable around 75-80%. However, as interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership rates dropped to 69%. The subsequent drop in interest rates in 2020 (0.38%) and 2021 (0.08%) did not significantly reverse this trend, possibly due to the rapid increase in home prices during this period.
The renter percentage in Parkland Estates increased from 17% in 2013 to 33% in 2022, mirroring the decline in homeownership. This shift coincided with a 58% increase in average rent prices, from $1,119 to $1,769. The rising renter population and increasing rent prices suggest a growing demand for rental properties in the area. Notably, the neighborhood's population grew from 2,270 in 2013 to 2,935 in 2022, potentially contributing to the increased demand for rental housing.
In 2023 and 2024, Parkland Estates continued to see growth in average home prices, reaching $1,552,241 in 2023 and $1,612,762 in 2024. This represents a 1.6% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Parkland Estates may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $1.8 million by 2029. Average rent prices are also expected to increase, potentially reaching around $2,000 per month by 2029, driven by ongoing demand for rental properties in this desirable neighborhood.
In summary, Parkland Estates has experienced a significant shift in its housing landscape over the past decade. The decline in homeownership rates, coupled with substantial increases in both home values and rent prices, reflects the neighborhood's growing desirability and changing demographics. The interplay between federal interest rates, property values, and housing preferences will likely continue to shape the future of this Tampa community.
