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Rising Home Values and Ownership: Zip Code 32696's Resilience in Williston Highlands, Florida
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
Williston Highlands, located in zip code 32696 in Florida, has experienced notable changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Williston Highlands has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 76%, and it maintained this level through 2015. There was a slight decrease to 74% in 2017, followed by an increase to 82% in 2020, the highest rate observed in the data set. As of 2022, the homeownership rate stood at 79%. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $105,424, which steadily increased to $267,896 by 2022, representing a significant 154% increase over this period.
The relationship between federal interest rates and homeownership rates in Williston Highlands shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.09% to 0.40%), coinciding with stable homeownership rates around 76%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 74% in 2017. However, despite rising interest rates, homeownership rebounded and reached its peak of 82% in 2020 when interest rates dropped to 0.38%.
Renter percentages in Williston Highlands have generally mirrored the inverse of homeownership rates. The renter population stood at 24% from 2013 to 2015, increased slightly to 26% in 2017, and then decreased to 18% in 2020, before settling at 21% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $768, which increased to $847 by 2017. After a slight dip to $799 in 2020, possibly influenced by the pandemic, average rent rose again to $838 in 2021 before returning to $799 in 2022.
Looking at the most recent data, the average home price in Williston Highlands continued its upward trajectory, reaching $282,738 in 2023 and further increasing to $293,829 in 2024. This represents a 9.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may also continue to rise, driven by population growth and potential shifts towards renting if higher interest rates deter some potential homebuyers.
In summary, Williston Highlands has demonstrated a robust housing market with steadily increasing average home prices and generally stable homeownership rates. The area has shown resilience in maintaining high homeownership levels despite fluctuations in interest rates. The recent sharp increase in interest rates, coupled with rising home prices, may lead to interesting dynamics in the coming years, potentially affecting the balance between homeownership and renting in this Florida community.
