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Rising Home Values and Shifting Ownership in Hollywood's 441 Corridor
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The 441 Corridor neighborhood in Hollywood, Florida, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates decreased from 48% to 43%, while average home prices more than tripled from $103,519 to $352,867, representing a 241% increase. This substantial rise in home values has had a profound impact on the neighborhood's demographic composition.
The relationship between federal interest rates and homeownership rates in the 441 Corridor reveals interesting trends. Despite low interest rates between 2013 and 2016 (0.09% to 0.40%), homeownership rates initially declined before stabilizing. As interest rates rose more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates remained relatively stable at around 43%. This suggests that rapidly increasing home prices may have offset the potential positive impact of historically low interest rates on homeownership.
The percentage of renters in the 441 Corridor increased from 51% in 2013 to 57% in 2022. This shift corresponded with an increase in average rent prices, which grew from $1,173 in 2013 to $1,271 in 2022, an 8.4% increase. The growth in rent prices, while significant, was not as dramatic as the rise in home prices, potentially making renting a more attractive option for many residents.
Recent data from 2023 and 2024 indicates a continuation of the upward trend in average home prices in the 441 Corridor. The average home price reached $386,717 in 2023 and further increased to $407,518 in 2024, representing a 15.5% increase from 2022 to 2024. Federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Based on historical trends and current market conditions, projections suggest continued growth in both average home prices and rent prices over the next five years. Average home prices in the 441 Corridor could potentially reach around $500,000 by 2029, assuming a similar growth rate to recent years. Average rent prices might increase to approximately $1,500 per month in the same timeframe, reflecting ongoing demand for rental properties in the area.
In conclusion, the 441 Corridor neighborhood has transitioned towards a renter-majority population, driven by rapidly increasing home prices that have outpaced rent increases. Despite historically low interest rates for much of the past decade, the dramatic rise in home values appears to have been a more significant factor in homeownership trends. As we look to the future, the neighborhood is likely to continue experiencing growth in both property values and rental rates, further shaping its demographic and economic landscape in the coming years.
