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Rising Home Values and Shifting Ownership in Zip Code 32119: South Daytona's Evolving Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 32119, located in South Daytona, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its proximity to the famous Daytona Beach, has seen a fluctuating pattern in homeownership and a steady increase in average home prices.
From 2013 to 2022, the homeownership rate in zip code 32119 experienced some variations. It started at 66% in 2013, decreased to 59% in 2019, and then rebounded to 62% by 2022. During this same period, average home prices showed a consistent upward trend. In 2013, the average home price was $100,947, which more than doubled to $263,841 by 2022, representing a substantial 161% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 62-66%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates dipped to their lowest point of 59%. However, the subsequent drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a slight recovery in homeownership rates to 62%.
Renter percentages in zip code 32119 have shown an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 34% in 2013 to a peak of 41% in 2019, before settling at 38% in 2022. Average rent prices have also seen a steady increase during this period. In 2013, the average rent was $996, which rose to $1,138 by 2022, marking a 14.3% increase. It's worth noting that the population in this zip code grew from 21,439 in 2013 to 23,823 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, average home prices in zip code 32119 continued to rise in 2023 and 2024, reaching $275,881 and $278,925 respectively. This represents a 4.6% increase from 2022 to 2023, and a further 1.1% increase from 2023 to 2024. Interestingly, these price increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 32119 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $320,000 to $350,000, assuming a conservative annual growth rate of 3-5%. For rent prices, if the current trend continues, we might see average rents increase to around $1,300 to $1,400 per month by 2029.
In summary, zip code 32119 has demonstrated resilience in its housing market, with steadily increasing home values despite fluctuations in homeownership rates. The area has seen a gradual shift towards more renters, although this trend seems to have stabilized in recent years. The consistent population growth and rising property values suggest that South Daytona remains an attractive location for both homeowners and renters, with potential for continued growth in the coming years.
