Rising Home Values and Stable Ownership in Poinsettia Heights: A Decade of Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Poinsettia Heights, a neighborhood in Fort Lauderdale, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This analysis examines the trends in average home prices, rental costs, and ownership patterns from 2013 to 2024, highlighting the area's resilience and desirability as a residential location.
From 2013 to 2022, homeownership rates in Poinsettia Heights fluctuated between 66% and 72%. The lowest rates were observed in 2016 and 2020 at 66%, while the highest rate was recorded in 2022 at 72%. Concurrently, average home prices saw a dramatic increase. In 2013, the average home price was $264,217, rising to $653,194 by 2022, representing a substantial 147% increase over this period.
The relationship between federal interest rates and homeownership rates in Poinsettia Heights showed some correlation. In 2013, when interest rates were at 0.11%, homeownership was at 69%. As interest rates remained low through 2020 (0.38%), homeownership generally remained above 66%. The increase to 72% ownership in 2022 coincided with a rise in interest rates to 1.68%, possibly indicating that residents were motivated to purchase homes before rates increased further.
Rental trends in Poinsettia Heights showed the percentage of renters fluctuating between 28% and 34% from 2013 to 2022. The average rent price demonstrated an overall upward trend during this period. In 2013, the average rent was $1,399, increasing to $1,568 by 2022, a 12% rise. The highest average rent was recorded in 2021 at $1,605, coinciding with a lower renter percentage of 29%, suggesting a possible relationship between higher rents and decreased rental occupancy.
In 2023 and 2024, Poinsettia Heights continued to see growth in average home prices. The average home price reached $702,033 in 2023 and further increased to $729,203 in 2024. This represents a 7.5% increase from 2022 to 2023 and a 3.9% increase from 2023 to 2024. Federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the neighborhood.
Based on historical data and current trends, projections for the next five years suggest that average home prices in Poinsettia Heights could potentially reach around $850,000 to $900,000 by 2029. Average rent prices might increase to approximately $1,800 to $1,900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In conclusion, Poinsettia Heights has demonstrated a strong upward trend in both average home prices and rent costs over the past decade. Homeownership rates have generally remained high, even as property values have increased significantly. The neighborhood has shown resilience in maintaining a balanced mix of owners and renters despite economic fluctuations and rising costs, indicating its continued desirability as a residential area in Fort Lauderdale.
