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Rising Home Values and Ownership Trends in Coral Ridge Isles: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coral Ridge Isles, a vibrant neighborhood in Fort Lauderdale, Florida, has experienced significant changes in its housing market over the past decade. This coastal area has seen notable shifts in homeownership rates and property values, reflecting broader economic changes and local market conditions.
The homeownership rate in Coral Ridge Isles has shown a slight decline from 2013 to 2022. In 2013, 54% of residents owned their homes, while by 2022, this figure had decreased to 49%. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $269,728, which rose to $635,008 by 2022, representing a 135% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 52-54%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight downward trend, ending at 49% in 2022. This pattern suggests that higher interest rates may have contributed to making homeownership less attainable for some residents.
Renter percentages in Coral Ridge Isles have generally mirrored the homeownership trends, increasing from 46% in 2013 to 51% in 2022. Average rent prices have not shown a consistent upward trend like home prices. In 2013, the average rent was $1,125, which fluctuated over the years, reaching $1,148 in 2022. This relatively stable rent market, compared to the rapidly increasing home prices, may have contributed to the shift towards renting in the neighborhood.
The population of Coral Ridge Isles has grown from 3,517 in 2013 to 4,282 in 2022, a 22% increase. This population growth, combined with rising home prices and a shift towards renting, suggests a changing demographic landscape in the neighborhood, possibly attracting more young professionals or families who prefer or can only afford to rent.
In 2023 and 2024, the average home prices in Coral Ridge Isles continued their upward trajectory. The average home price reached $670,563 in 2023 and further increased to $695,671 in 2024. This represents a 9.5% increase from 2022 to 2024. Federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, based on historical trends and current market conditions, average home prices in Coral Ridge Isles are predicted to continue rising, albeit potentially at a slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $750,000 to $800,000 by 2029. Rent prices, which have been more stable, might see moderate increases, potentially reaching an average of $1,300 to $1,400 per month in the next five years.
In summary, Coral Ridge Isles has experienced a notable shift towards renting, driven by rapidly increasing home prices and fluctuating interest rates. The neighborhood's growing population and rising property values indicate its continuing attractiveness, but also present challenges for affordability and homeownership. These trends suggest an evolving neighborhood character, with potential implications for community dynamics and local economic patterns in the coming years.
