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Rising Home Values and Ownership in Inglis, Florida: A Decade of Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Inglis, located in Florida, is a small community with a rich history and a dynamic real estate market. Over the past decade, the town has experienced significant shifts in homeownership rates and property values, reflecting broader economic trends and local developments.
Homeownership in Inglis has shown a notable upward trend, particularly in recent years. In 2013, 74% of residents owned their homes, and this figure remained relatively stable until 2017. However, from 2018 onwards, there was a marked increase in homeownership. By 2022, the ownership rate had risen to an impressive 83%, indicating a strong preference for home buying among residents.
This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price in Inglis was $93,991. By 2022, this figure had soared to $243,682, representing a remarkable 159% increase over nine years. The most significant jumps occurred between 2020 and 2022, with annual increases of over 20% each year.
The relationship between federal interest rates and homeownership rates in Inglis follows a well-established pattern. From 2013 to 2020, interest rates remained relatively low, hovering between 0.08% and 2.16%. This period of low interest rates corresponded with the gradual increase in homeownership rates, as affordable financing options made purchasing homes more attractive. The sharp increase in homeownership from 76% in 2020 to 83% in 2022 occurred despite a slight rise in interest rates to 1.68% in 2022, suggesting other local factors may have influenced this trend.
Conversely, the percentage of renters in Inglis has decreased over time. In 2013, 26% of residents were renters, and this proportion remained stable until 2017. From 2018 to 2022, there was a steady decline in the renter population, reaching a low of 17% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $849, which decreased to $604 in 2016 and 2017. Since then, rent prices have shown a gradual increase, reaching $628 in 2022. This trend suggests that despite lower rental rates, more residents are opting for homeownership.
In 2023 and 2024, the real estate market in Inglis continued to evolve. The average home price in 2023 reached $251,818, a 3.3% increase from 2022. In 2024, it further rose to $258,075, representing a 2.5% increase from the previous year. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the town.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in average home prices in Inglis over the next five years, albeit at a more moderate pace due to higher interest rates. Average home prices could potentially reach around $300,000 by 2029. Rent prices are likely to continue their gradual upward trend, possibly reaching an average of $700-$750 per month in the same timeframe.
In summary, Inglis has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. This trend has been supported by historically low interest rates and local economic factors. The rental market has seen a decrease in the proportion of renters, despite relatively stable rent prices. As interest rates rise and home prices continue to appreciate, it will be interesting to observe how these dynamics evolve in the coming years.
