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Rising Home Values and Shifting Ownership in Audubon Park, Orlando
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
Audubon Park, a charming neighborhood in Orlando, Florida, has experienced notable shifts in homeownership and property values over the past decade. This area, known for its tree-lined streets and mid-century modern homes, has seen a general trend of increasing average home prices, while homeownership rates have fluctuated slightly. Average rent prices have shown some volatility, reflecting the dynamic nature of Orlando's real estate market.
The relationship between homeownership rates and average home prices in Audubon Park reveals an interesting pattern. In 2013, the homeownership rate stood at 83%, with an average home price of $167,103. As average home prices steadily increased, reaching $283,833 in 2018, the homeownership rate rose slightly to 87%. However, by 2022, despite average home prices climbing to $428,458, the homeownership rate had decreased to 77%. This suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in Audubon Park. In 2013, when interest rates were at a low 0.11%, the neighborhood maintained a high 83% homeownership rate. As interest rates gradually increased, reaching 1.83% in 2018, homeownership peaked at 87%. However, the subsequent rise in interest rates to 1.68% in 2022 coincided with a drop in homeownership to 77%, indicating that higher borrowing costs may have deterred some potential buyers.
Renter percentages and average rent prices in Audubon Park have shown some correlation. In 2013, with 17% of residents renting, the average rent was $1,586. As the renter population fluctuated between 13% and 17% from 2014 to 2020, average rents showed some volatility, ranging from $1,427 to $1,673. Notably, in 2022, as the renter percentage increased to 23%, the average rent decreased to $1,439, possibly reflecting a market adjustment to increased rental supply or economic factors affecting the area.
Looking at the most recent data, average home prices in Audubon Park reached $450,121 in 2023 and further increased to $477,528 in 2024. This continued upward trend occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in the neighborhood, with demand remaining strong even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Audubon Park will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project average home prices could reach around $550,000 to $600,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $1,800 to $2,000 per month within the same timeframe, assuming consistent economic growth and demand for housing in the Orlando area.
In summary, Audubon Park has demonstrated a resilient housing market with steadily increasing average home prices over the past decade. While homeownership rates have slightly decreased in recent years, possibly due to rising prices and interest rates, the neighborhood remains predominantly owner-occupied. The rental market has shown adaptability, with rents adjusting to changes in demand and supply. As Audubon Park continues to evolve, it is likely to maintain its appeal as a desirable residential area in Orlando, with both homeownership and rental options available to its diverse population.
