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Rising Home Values and Ownership Trends in Mariners Village, Orlando
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mariners Village, a neighborhood in Orlando, Florida, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices, providing insights into the area's real estate dynamics. The neighborhood has witnessed fluctuations in homeownership rates, with a general trend towards renting in recent years, followed by a recent uptick. In 2013, the ownership rate was 50%, decreasing to 45% in 2019, but then rising to 53% in 2022. Concurrently, average home prices have more than doubled from $141,794 in 2010 to $329,306 in 2022. The relationship between federal interest rates and homeownership rates in Mariners Village shows some correlation. During the period of historically low interest rates from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership decreased slightly from 50% to 46%. This unexpected trend suggests that local factors may have outweighed the impact of low interest rates.
Rental trends in Mariners Village show that the percentage of renters increased from 50% in 2013 to 54% in 2019, before decreasing to 47% in 2022. Average rent prices have steadily increased, rising from $1,090 in 2013 to $1,252 in 2022, a 14.9% increase. The population growth from 2,272 in 2013 to 2,415 in 2022 may have contributed to the upward pressure on rent prices. Recent data indicates that average home prices in Mariners Village continued to rise, reaching $339,500 in 2023 and $346,018 in 2024. This represents a 3.1% increase from 2022 to 2023 and a further 1.9% increase from 2023 to 2024. Federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends. Predictive models forecast that average home prices in Mariners Village will continue to rise, potentially reaching around $400,000 by 2029, assuming stable economic conditions. Average rent prices are expected to increase as well, potentially surpassing $1,500 per month within the next five years, driven by population growth and housing demand in the area. In conclusion, Mariners Village has experienced a significant increase in average home prices over the past decade, with a recent trend towards higher homeownership rates. The rental market has seen steady growth in prices, though the proportion of renters has fluctuated. The neighborhood's real estate market appears robust, with continued growth expected in both home values and rental prices in the coming years.
