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Rising Home Values and Ownership in Rowena Gardens: A Decade of Growth
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
Rowena Gardens, a neighborhood in Orlando, Florida, has undergone significant changes in homeownership and property values over the past decade. The community has seen a substantial increase in owner-occupied homes, rising from 72% in 2013 to 94% in 2022. During this period, average home prices more than doubled, while average rent prices showed fluctuations with an overall upward trend.
The relationship between homeownership rates and average home prices in Rowena Gardens demonstrates a strong positive correlation. As the percentage of owner-occupied homes increased from 72% in 2013 to 94% in 2022, average home prices rose from $317,206 to $617,018 during the same period. This trend suggests that as more residents became homeowners, property values in the neighborhood appreciated significantly. The most dramatic increase in homeownership occurred between 2017 and 2022, with ownership rates jumping from 83% to 94%, coinciding with a sharp rise in average home prices from $417,321 to $617,018.
Federal interest rates have played a crucial role in shaping homeownership trends in Rowena Gardens. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership from 72% to 79%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Rowena Gardens continued to climb, suggesting that other factors such as neighborhood desirability and local economic conditions may have outweighed the impact of higher borrowing costs.
The rental market in Rowena Gardens has experienced inverse trends to homeownership. As the percentage of renter-occupied homes decreased from 28% in 2013 to just 6% in 2022, average rent prices showed considerable volatility. Rent prices initially remained stable, around $1,380 from 2013 to 2016, before spiking to $2,238 in 2017 and reaching a peak of $2,374 in 2018. This sharp increase coincided with a significant drop in the renter population, possibly indicating a shortage of rental properties as more homes transitioned to owner-occupied status. By 2022, average rent had decreased to $1,419, potentially reflecting the extremely limited rental market in the neighborhood.
In 2023 and 2024, Rowena Gardens continued to see growth in average home prices, reaching $647,401 in 2023 and $681,200 in 2024. This represents a 10.4% increase from 2022 to 2024, despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not appeared to dampen home value appreciation in the neighborhood, suggesting strong underlying demand for properties in Rowena Gardens.
Looking ahead, predictive models forecast continued growth in average home prices for Rowena Gardens over the next five years, albeit at a potentially slower rate than the rapid appreciation seen in recent years. Average home prices are projected to reach approximately $750,000 by 2029. The rental market is expected to remain tight, with average rent prices potentially stabilizing around $1,500 to $1,600 per month, reflecting the limited supply of rental properties in the neighborhood.
In summary, Rowena Gardens has transformed into a predominantly owner-occupied neighborhood with rapidly appreciating property values. The dramatic increase in homeownership rates, coupled with rising home prices, suggests a highly desirable community that has attracted long-term residents. While the rental market has shrunk significantly, it has also seen periods of high average rents, indicating a complex supply-demand dynamic. The neighborhood's ability to maintain growth in home values despite rising interest rates points to its strong appeal and potential for continued appreciation in the coming years.
