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Rising Home Values and Ownership in Florence-Graham: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Florence-Graham, located in California, is a diverse urban community known for its vibrant culture and proximity to Los Angeles. The city has experienced fluctuating trends in homeownership and housing prices over the past decade. From 2015 to 2019, the percentage of owner-occupied homes increased from 37% to 40%, while average home prices rose significantly from $255,611 to $408,631 during the same period.
The relationship between homeownership rates and average home prices in Florence-Graham shows an interesting trend. Despite the substantial increase in average home prices from $255,611 in 2015 to $408,631 in 2019, the percentage of owner-occupied homes also increased from 37% to 40%. This suggests that rising property values did not significantly deter homeownership in the area. The most dramatic increase in average home prices occurred between 2017 and 2018, jumping from $316,570 to $373,281, a 17.9% increase in just one year.
Federal interest rates have played a role in homeownership trends in Florence-Graham. Interest rates remained relatively low from 2015 to 2019, ranging from 0.13% to 2.16%. This period of low interest rates coincided with the increase in homeownership from 37% to 40%, supporting the notion that lower interest rates can encourage homeownership by making mortgage financing more affordable.
Renter percentages and average rent prices in Florence-Graham have shown a slight inverse relationship. As the percentage of renters decreased from 63% in 2015 to 60% in 2019, average rent prices increased from $1,092 to $1,253. This trend suggests that despite rising rent costs, the proportion of renters in the community decreased. The population growth from 66,359 in 2015 to 70,149 in 2019 may have contributed to the upward pressure on rent prices.
In 2023, the average home price in Florence-Graham reached $557,495, representing a 27% increase from 2019. The federal interest rate in 2023 was 5.02%. Moving into 2024, the average home price has continued to rise, reaching $576,018, while the federal interest rate has increased to 5.33%. These figures indicate a continuing trend of rising home prices despite higher interest rates.
Looking ahead, predictive models suggest that average home prices in Florence-Graham may continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Florence-Graham has experienced a notable increase in both homeownership rates and average home prices from 2015 to 2019. The community has shown resilience in maintaining homeownership levels despite rising property values. The rental market has seen increasing prices with a slight decrease in the proportion of renters. The recent data from 2023 and 2024 indicates a continued upward trend in home prices, even as interest rates have risen significantly. These trends suggest a robust housing market in Florence-Graham, with potential for further growth in both home values and rental prices in the coming years.
