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Rising Home Values and Stable Ownership in Disston Heights: A Decade of Real Estate Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Disston Heights, a neighborhood in St. Petersburg, Florida, has experienced significant changes in its real estate market over the past decade. The area has seen a notable increase in homeownership rates, accompanied by substantial growth in average home prices and fluctuations in average rent prices. From 2013 to 2022, homeownership in Disston Heights showed a steady increase. The percentage of homeowners rose from 75% in 2013 to 78% in 2022. This upward trend coincided with a remarkable increase in average home prices, which more than tripled from $115,211 in 2013 to $345,742 in 2022. The significant appreciation in home values likely contributed to the growing preference for homeownership in the area. The relationship between federal interest rates and homeownership rates in Disston Heights presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate increased only modestly. This suggests that other factors, such as rising home prices and local economic conditions, may have played a more significant role in homeownership decisions than interest rates alone.
The percentage of renters in Disston Heights decreased from 25% in 2013 to 22% in 2022. During this period, average rent prices showed some fluctuation but generally trended upward. The average rent was $1,183 in 2013, reached a low of $1,159 in 2018, and then increased to $1,198 by 2022. The population growth from 30,515 in 2013 to 33,604 in 2022 may have contributed to the upward pressure on rent prices, despite the decreasing percentage of renters.
Recent data shows that the average home price in Disston Heights continued its upward trajectory, reaching $361,365 in 2023 and $378,930 in 2024. This represents a 9.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the overall appreciation of the local real estate market.
In summary, Disston Heights has experienced a notable increase in homeownership rates and a substantial rise in average home prices over the past decade. The neighborhood has shown resilience in its real estate market, with homeownership becoming increasingly popular despite rising home prices. While rent prices have fluctuated, they have generally trended upward, reflecting the area's growing desirability. These trends, combined with recent data and economic factors, point to a continued robust real estate market in Disston Heights for the foreseeable future.
