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Rising Home Values and Shifting Ownership in Temple Crest, Tampa
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Temple Crest, a vibrant neighborhood in Tampa, Florida, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, this diverse community near the University of South Florida saw a slight decrease in homeownership rates, from 38% to 37%, while average home prices increased substantially. This trend reveals a complex interplay between property values, homeownership, and market dynamics.
The relationship between homeownership rates and average home prices in Temple Crest demonstrates an interesting pattern. Despite a dramatic 310% increase in average home prices from $65,343 in 2013 to $268,440 in 2022, the percentage of homeowners only decreased slightly. This suggests a strong desire for homeownership in the area, even as affordability became more challenging. The most significant drop in homeownership occurred between 2013 and 2019, falling from 38% to 31%, coinciding with a period of rapidly appreciating home values.
Federal interest rates have played a crucial role in shaping homeownership trends in Temple Crest. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% coincided with declining homeownership rates, possibly due to investors purchasing rental properties. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership increased slightly from 31% in 2019 to 37% in 2022, suggesting some renters may have rushed to purchase homes before rates climbed further.
Renter percentages and average rent prices in Temple Crest have shown a clear correlation. As the renter population increased from 61% in 2013 to 68% in 2020, average rent prices rose from $972 to $1,110 per month. This trend aligns with the growing population, which increased from 12,824 in 2013 to 15,247 in 2022. The higher demand for rental properties likely contributed to the rise in rent prices. However, by 2022, the renter percentage decreased slightly to 63%, while the average rent dipped to $1,055, possibly indicating a shift towards homeownership or the impact of new rental inventory entering the market.
In 2023 and 2024, Temple Crest continues to see growth in average home prices, reaching $280,927 in 2023 and $294,053 in 2024. This represents a 4.7% increase from 2023 to 2024, indicating a continued strong housing market. Concurrently, federal interest rates have risen significantly, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property values.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Temple Crest to continue rising, albeit at a potentially slower rate due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $350,000 by 2029, assuming a moderate annual growth rate of 3-4%. Average rent prices are likely to follow a similar upward trajectory, potentially reaching around $1,300 per month by 2029, driven by population growth and housing demand.
In summary, Temple Crest has demonstrated resilience in its housing market, with homeownership rates remaining relatively stable despite significant increases in property values. The interplay between federal interest rates, population growth, and housing demand has shaped the neighborhood's real estate landscape. As the area continues to evolve, it will likely maintain its appeal to both homeowners and renters, with property values and rent prices expected to appreciate further in the coming years.
