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Rising Home Values and Shifting Ownership in Bunche Park, Miami Gardens
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bunche Park, a neighborhood in Miami Gardens, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the evolving real estate landscape of this community. The homeownership rate in Bunche Park has shown a notable decline from 2013 to 2022. In 2013, 72% of residents owned their homes, but by 2019, this figure had dropped to 55%. However, a reversal of this trend began in 2020, with homeownership rising to 65% by 2022. Concurrently, average home prices in the neighborhood have experienced substantial growth. In 2013, the average home price was $70,518, which more than quadrupled to $334,543 by 2022, representing a remarkable 374% increase over nine years.
The relationship between federal interest rates and homeownership rates in Bunche Park shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 70%. However, as interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates declined to their lowest point of 55%. The subsequent drop in interest rates to 0.38% in 2020 coincided with a rebound in homeownership to 60%, supporting the general trend that lower interest rates tend to encourage homeownership.
Renter percentages in Bunche Park have fluctuated inversely to homeownership rates, rising from 28% in 2013 to a peak of 45% in 2019, before decreasing to 35% in 2022. Average rent prices have shown a general upward trend, increasing from $1,413 in 2013 to $1,458 in 2019. However, there was a notable dip to $1,338 in 2020, followed by a recovery to $1,431 in 2021, before decreasing again to $1,293 in 2022. The population of Bunche Park has remained relatively stable during this period, with 4,158 residents in 2013 and 4,714 in 2022, suggesting that changes in rental rates are more likely influenced by economic factors rather than population pressure.
In 2023 and 2024, Bunche Park continued to see growth in average home prices. The average home price reached $369,456 in 2023 and further increased to $401,592 in 2024, representing a 10.4% and 8.7% year-over-year increase, respectively. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, suggesting strong demand and possibly limited housing supply in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Bunche Park: 1. Average home prices are likely to continue rising, albeit at a potentially slower rate due to higher interest rates. We might expect prices to reach approximately $500,000 by 2029. 2. Average rent prices may stabilize or increase moderately, potentially reaching around $1,500-$1,600 per month by 2029, assuming economic conditions remain favorable and demand for rentals persists.
In summary, Bunche Park has experienced a significant increase in property values over the past decade, with a recent resurgence in homeownership rates. The neighborhood has demonstrated resilience in its housing market, with average home prices continuing to rise even in the face of increasing interest rates. While rental rates have fluctuated, they have generally trended upward. These trends suggest that Bunche Park remains an attractive area for both homeowners and investors, with potential for continued growth in the coming years.
