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Rising Home Values and Shifting Ownership in Sunray East: A Decade of Housing Market Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sunray East, a neighborhood in North Miami Beach, Florida, has experienced significant changes in its housing market over the past decade. This area, known for its diverse community, has seen fluctuations in homeownership rates alongside a general upward trend in average home and rent prices. The interplay between these factors provides insight into the neighborhood's economic dynamics and real estate landscape.
From 2013 to 2019, Sunray East witnessed interesting shifts in homeownership rates and average home prices. In 2013, the homeownership rate stood at 43% with an average home price of $134,361. By 2016, as average home prices rose to $210,558, the homeownership rate slightly decreased to 41%. Surprisingly, in 2019, despite a substantial increase in average home prices to $288,135, the homeownership rate climbed to 49%. This suggests that factors beyond price, such as local economic conditions or demographic changes, influenced homeownership trends.
Federal interest rates have also played a role in Sunray East's housing market. In 2013, when interest rates were low at 0.11%, the homeownership rate was 43%. As interest rates increased to 2.16% by 2019, the homeownership rate unexpectedly rose to 49%. This trend implies that local factors may have outweighed the impact of rising interest rates on homeownership decisions in the neighborhood.
Rental market trends in Sunray East have shown a generally positive correlation between renter percentages and average rent prices. In 2013, with 57% of residents renting, the average rent was $1,333. As the renter percentage increased to 60% in 2017, average rent rose slightly to $1,362. By 2021, with 57% of residents renting, the average rent had increased significantly to $1,766. These trends indicate a consistent demand for rentals, even as prices have increased.
Recent years have seen continued growth in Sunray East's housing market. Average home prices reached $478,887 in 2023 and $511,725 in 2024, representing a substantial increase from previous years. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics in the neighborhood.
Based on historical trends and current market conditions, projections for Sunray East's housing market over the next five years suggest continued growth. Average home prices are expected to rise, potentially reaching around $600,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,000 per month within the same timeframe. However, the rate of increase may moderate due to higher interest rates and potential market saturation.
In conclusion, Sunray East has demonstrated resilience in its housing market, maintaining relatively stable ownership and rental percentages despite rising prices. This suggests a strong local economy and desirable living conditions. As we look to the future, the interplay between interest rates, housing prices, and demographic shifts will continue to shape the real estate landscape in this dynamic North Miami Beach community.
