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Pembroke Pines: Rising Home Values and Ownership Trends in a Diverse Florida Suburb
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
Pembroke Pines, located in Broward County, Florida, is a vibrant city known for its diverse community and excellent quality of life. With a population of 169,875 in 2022, this suburban gem has experienced significant changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates, alongside notable increases in both average home prices and average rent prices.
The relationship between homeownership rates and average home prices in Pembroke Pines reveals an interesting trend. In 2013, the homeownership rate stood at 75%, with an average home price of $181,037. As average home prices steadily increased, reaching $308,645 in 2019, the homeownership rate declined to 70%. This inverse relationship continued until 2022, when the homeownership rate rebounded to 74% despite average home prices surging to $435,179. This suggests that other factors, such as local economic conditions or demographic shifts, may have influenced homeownership rates alongside price changes.
Federal interest rates have played a crucial role in shaping homeownership trends in Pembroke Pines. From 2013 to 2016, when interest rates remained below 0.5%, homeownership rates in the city stayed relatively stable around 70-75%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates slightly decreased to 69-70%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices in Pembroke Pines have shown a complex relationship. In 2013, 25% of residents were renters, with an average rent of $1,493. As the renter population increased to 31% by 2017, average rent prices actually decreased to $1,378. This could be attributed to an increase in rental supply or economic factors affecting the local market. However, by 2022, the renter percentage decreased to 26%, while average rent prices surged to $1,977, indicating a tightening rental market despite a smaller renter population.
In 2023 and 2024, Pembroke Pines continued to experience growth in its housing market. The average home price in 2023 reached $474,099, further increasing to $502,162 in 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the city.
Looking ahead, predictive models suggest that average home prices in Pembroke Pines will continue to rise over the next five years, potentially reaching around $600,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Pembroke Pines has experienced significant changes in its housing market dynamics over the past decade. The city has seen a general trend of increasing average home and rent prices, with fluctuations in homeownership rates. The recent rebound in homeownership despite rising prices and interest rates suggests a strong local demand for housing. As the city continues to grow and evolve, monitoring these trends will be crucial for understanding the future of Pembroke Pines' housing market.
