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Sunrise, Florida: Rising Home Values and Stable Ownership Rates in the Shadow of the Everglades
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
Sunrise, Florida is a vibrant city located in Broward County, known for its diverse community and proximity to the Everglades. With a population of 96,291 in 2022 and spanning 18.12 square miles, Sunrise has experienced significant growth and changes in its housing market over the past decade. The city has maintained a relatively stable homeownership rate, while average home prices and average rent prices have shown notable increases.
The homeownership rate in Sunrise has fluctuated between 64% and 71% from 2013 to 2022. In 2013, the homeownership rate was 67%, and it reached its peak of 71% in 2017. Interestingly, as average home prices increased, the homeownership rate did not show a consistent decline. For instance, when the average home price rose from $108,135 in 2010 to $334,083 in 2022, the homeownership rate in 2022 was 69%, higher than the 67% observed in 2013 when average home prices were significantly lower at $115,984.
Federal interest rates have played a role in homeownership trends in Sunrise. From 2010 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 67%. As interest rates began to rise in 2017 to 1%, the homeownership rate peaked at 71%. Despite further increases in interest rates to 2.16% by 2019, the homeownership rate remained robust at 70%, suggesting that other factors may have influenced homeownership decisions in Sunrise.
Renter percentages in Sunrise have ranged from 29% to 36% between 2013 and 2022. The average rent prices have shown a consistent upward trend, rising from $1,195 in 2013 to $1,988 in 2022, an increase of about 66%. Notably, the renter percentage reached its highest point of 36% in 2016 when the average rent was $1,436, lower than in subsequent years. This suggests that factors beyond rent prices, such as job market conditions or housing availability, may influence renting decisions in the city.
In 2023 and 2024, Sunrise continued to see growth in its housing market. The average home price in 2023 was $364,374, a significant increase from the previous year. In 2024, the average home price further rose to $382,246. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates seen in the early 2020s.
Looking ahead, based on historical trends and current market conditions, it is projected that average home prices in Sunrise will continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,500 per month within the same timeframe. These projections assume continued population growth and economic stability in the region.
In summary, Sunrise, Florida has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite rising home prices. The relationship between interest rates and homeownership has not been straightforward, suggesting local factors play a significant role. The rental market has seen steady increases in average rent prices, while renter percentages have fluctuated. With the recent surge in both home prices and interest rates, Sunrise's housing market appears poised for continued growth, presenting both opportunities and challenges for residents and potential homebuyers in the coming years.
