Wewahitchka, a small city in Florida known for its natural beauty and outdoor recreational opportunities, has experienced notable shifts in its housing market over the past decade. The overall trend shows an increase in homeownership, rising average home prices, and varying average rent prices. Homeownership in Wewahitchka has shown a general upward trend, with the percentage of owner-occupied homes increasing from 70% in 2013 to 79% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $69,602, which steadily climbed to $165,814 by 2022, representing a substantial 138% increase over nine years. This trend suggests that despite rising prices, more residents are choosing to invest in homeownership.

The relationship between federal interest rates and homeownership rates in Wewahitchka appears to follow the general principle that lower interest rates encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in the city reached their highest levels at 77% and 80%. This correlation indicates that favorable financing conditions likely played a role in promoting homeownership in the community.

Conversely, the percentage of renters in Wewahitchka has decreased from 30% in 2013 to 21% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. The average rent increased from $931 in 2013 to a peak of $989 in 2018, before declining to $889 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by factors such as housing availability and local economic conditions.