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Plantation Isles: Soaring Home Values and Stable Ownership in a Florida 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
Plantation Isles, located in Plantation, Florida, is a picturesque neighborhood known for its waterfront properties and lush landscaping. This affluent area has consistently maintained high homeownership rates, with average home prices showing a significant upward trend over the past decade. The community has also experienced fluctuations in average rent prices, reflecting the dynamic nature of the local real estate market.
The homeownership rate in Plantation Isles has remained remarkably stable, hovering around 95-99% from 2013 to 2022. This high rate of owner-occupied housing coincides with a steady increase in average home prices. In 2013, the average home price was $335,881, which rose to $758,377 by 2022, representing a substantial 125.8% increase over nine years. This trend suggests a strong correlation between the sustained high homeownership rates and the appreciating property values in the neighborhood.
Federal interest rates have played a significant role in shaping homeownership trends in Plantation Isles. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the neighborhood maintained near-total homeownership at 96-99%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 95%, though it remained remarkably high. The ultra-low interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a return to 96-99% homeownership, demonstrating the relationship between favorable financing conditions and high rates of owner-occupied housing.
The rental market in Plantation Isles has been relatively small but showed some fluctuations. The percentage of renters ranged from 1% to 5% between 2013 and 2022. Interestingly, the average rent prices saw a significant jump from $2,250 in 2014 to $2,748 in 2015, a 22.1% increase. This higher rent level persisted until 2020 when it slightly decreased to $2,651, remaining at this level through 2022. The limited rental inventory in the neighborhood likely contributes to the stability of these higher rent prices, even as the renter population fluctuates slightly.
Looking at the most recent data, the average home price in Plantation Isles continued its upward trajectory, reaching $790,880 in 2023 and further increasing to $831,930 in 2024. This represents a 4.3% year-over-year increase from 2023 to 2024. Notably, the federal interest rate also saw a significant rise, moving from 5.02% in 2023 to 5.33% in 2024, potentially impacting future homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Plantation Isles will continue to appreciate, albeit potentially at a more moderate pace due to the higher interest rate environment. Average home prices could reach approximately $950,000 to $1 million by 2029. For rent prices, given the historical stability and limited rental inventory, we project a gradual increase to around $2,900 to $3,100 per month over the next five years, assuming continued demand for the few rental properties available in this predominantly owner-occupied neighborhood.
In summary, Plantation Isles demonstrates a robust and stable housing market characterized by exceptionally high homeownership rates and steadily appreciating property values. The neighborhood has shown resilience to economic fluctuations, maintaining its desirability among homeowners. The limited rental market, while small, has sustained higher rent prices, reflecting the overall exclusivity of the area. As we look to the future, Plantation Isles is poised to continue its trajectory as a predominantly owner-occupied, high-value residential community, with both home prices and rents likely to see moderate but steady growth.
