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Ridge Manor: Rural Florida Community Sees Significant Home Value Increase Amid Ownership Fluctuations
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
Ridge Manor, a small community in Florida with a population of 7,608 as of 2022, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home values, and rental market dynamics from 2013 to 2024, as well as projections for the future.
Homeownership rates in Ridge Manor have shown a gradual decline from 84% in 2013 to 81% in 2022. This shift coincided with a dramatic increase in average home prices, rising from $78,261 in 2013 to $237,662 in 2022, representing a 203% increase over this period. The relationship between federal interest rates and homeownership rates in the area appears to follow general economic principles, with stable homeownership rates during periods of low interest rates and slight declines as rates increased.
As homeownership rates declined, the renter population in Ridge Manor increased from 16% in 2013 to 20% in 2022. Average rent prices fluctuated during this time, starting at $876 in 2013, peaking at $1,026 in 2016, and settling at $883 in 2022. The population growth from 6,564 in 2013 to 7,608 in 2022 may have contributed to the increased demand for rental properties.
In 2023 and 2024, Ridge Manor experienced further increases in average home prices, reaching $251,429 in 2023 and $260,516 in 2024. This upward trend occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make home financing more expensive, yet the local housing market continued to appreciate.
Based on the observed trends, forecasts suggest that average home prices in Ridge Manor may continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices, which have been more volatile, could stabilize and potentially increase to around $950-$1,000 per month in the same timeframe, assuming continued population growth and demand for rental properties.
In conclusion, Ridge Manor has experienced a gradual shift from homeownership to renting, with a significant increase in average home prices over the past decade. Despite rising interest rates, the housing market has shown resilience and continued appreciation. The community's evolving demographics and housing preferences will likely continue to shape its real estate landscape in the coming years.
