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Rising Home Values and Shifting Ownership in Pine Gardens South: A Decade of Real Estate Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pine Gardens South, a neighborhood in Jupiter, Florida, has experienced significant changes in its real estate market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, with a general trend towards increased renting. From 2013 to 2022, homeownership rates initially declined from 38% to 20%, but then rebounded to 45%, while average home prices showed substantial growth throughout this period.
The relationship between homeownership rates and average home prices in Pine Gardens South reveals an intriguing pattern. In 2013, when the homeownership rate was 38%, the average home price stood at $111,471. As average home prices increased to $181,571 by 2016, homeownership dropped to 20%. This inverse relationship continued through 2017, with homeownership at 21% and average home prices reaching $205,215. However, from 2018 to 2022, there was a shift in this trend. Despite average home prices continuing to rise, reaching $364,897 in 2022, homeownership also increased to 45%.
Federal interest rates have played a significant role in shaping homeownership trends in Pine Gardens South. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%. During this time, homeownership rates decreased from 38% to 27%, possibly due to other local market factors outweighing the impact of low interest rates. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates in the neighborhood actually increased, contrary to the typical expectation that higher interest rates discourage homeownership.
Renter percentages and average rent prices in Pine Gardens South have shown their own distinct trends. In 2013, 62% of the neighborhood was renter-occupied, with an average rent of $1,210. The renter percentage peaked at 80% in 2016, coinciding with a slight decrease in average rent to $1,197. From 2017 to 2022, the renter percentage fluctuated but generally decreased, reaching 55% in 2022. Interestingly, average rent prices varied during this period, reaching a high of $1,339 in 2019 before dropping to $731 in 2022. These fluctuations may be influenced by changes in the neighborhood's population, which ranged from 1,319 to 2,264 residents during this period.
Looking at the most recent data, average home prices in Pine Gardens South continued to rise, reaching $387,432 in 2023 and $407,206 in 2024. This represents a 5.6% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Pine Gardens South will continue to rise, potentially reaching around $500,000 by 2029. Average rent prices, which have shown volatility in recent years, are projected to stabilize and gradually increase, possibly reaching $1,500 per month by 2029. These predictions assume a continuation of current economic conditions and local market factors.
In summary, Pine Gardens South has experienced significant changes in its real estate landscape over the past decade. The neighborhood has seen a general trend towards increased renting, although recent years have shown a resurgence in homeownership. Average home prices have consistently risen, more than tripling from 2013 to 2024. The relationship between interest rates and homeownership in this neighborhood has not always followed typical patterns, suggesting the influence of unique local factors. As the neighborhood continues to evolve, it will be crucial to monitor these trends and their impact on the local community.
