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Rising Home Values and Shifting Ownership in Zip Code 32694: A Decade of Change in Waldo, Florida
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 32694, located in Waldo, Florida, presents an intriguing case study of homeownership and housing market dynamics. This area has experienced fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 32694 has shown resilience, maintaining relatively high levels throughout the observed period. In 2013, the ownership rate stood at 77%, and despite some fluctuations, it remained at 76% in 2022. This stability in homeownership occurred against a backdrop of varying average home prices. In 2013, the average home price was $98,584, which steadily increased to $195,315 by 2022, representing a substantial 98% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite the historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), the homeownership rate actually decreased slightly from 77% to 75%. However, as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), the homeownership rate stabilized around 74-75%. This suggests that in this particular zip code, factors beyond interest rates, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends.
Renter percentages and average rent prices in zip code 32694 have shown some correlation. In 2013, with 23% of the population renting, the average rent was $866. As the renter percentage increased to 26% by 2019, the average rent also rose to $1,105, a 27.6% increase. However, this trend reversed in subsequent years. By 2022, despite a slight decrease in the renter percentage to 24%, the average rent had decreased significantly to $701, a 36.6% drop from its 2019 peak. This decline in rent prices occurred despite a modest population increase from 1,293 in 2019 to 1,418 in 2022, suggesting other local factors may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 32694 continued its upward trajectory, reaching $206,984 in 2023 and $210,937 in 2024. This represents a 6% increase from 2022 to 2023 and a further 1.9% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has been resilient to higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate a continued but moderate increase in average home prices for zip code 32694. Based on historical data and current market conditions, average home prices could potentially reach around $240,000 to $250,000 by 2029. For average rent prices, the forecast suggests a potential stabilization and gradual increase, possibly returning to the $800-$900 range within the next five years, assuming local economic conditions remain stable.
In summary, zip code 32694 has demonstrated a robust housing market with sustained high homeownership rates and steadily increasing average home prices over the past decade. The area has shown resilience to fluctuations in federal interest rates and has maintained a relatively stable balance between owners and renters. The recent trends of rising home prices despite higher interest rates indicate strong local demand and a potentially attractive market for homeowners and investors alike.
