Loading Content...
Sunset Ridge: Rising Home Values and Steady Ownership in Lake Worth Beach
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sunset Ridge, a neighborhood in Lake Worth Beach, Florida, has demonstrated remarkable stability in homeownership rates while experiencing significant growth in property values over the past decade. This coastal community, known for its diversity and proximity to beautiful beaches, has maintained a consistent homeownership rate of approximately 75% throughout much of the 2010s and early 2020s.
The average home prices in Sunset Ridge have shown substantial appreciation, rising from $96,322 in 2013 to $355,406 in 2022, marking a 269% increase over nine years. This trend continued into 2023 and 2024, with average home prices reaching $377,952 and $400,477 respectively, representing a 12.8% increase from 2022 to 2024. The persistent growth in property values, even as Federal interest rates rose to 5.33% in 2024, indicates strong demand and resilience in the local real estate market.
Federal interest rates have played a significant role in shaping homeownership trends in Sunset Ridge. During the period of historically low interest rates from 2013 to 2016 (ranging from 0.11% to 0.4%), the neighborhood experienced a slight increase in homeownership from 72% to 75%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise more significantly from 2017 onwards, the homeownership rate remained steady at 75%, further demonstrating the resilience of the local housing market.
The rental market in Sunset Ridge has generally mirrored homeownership trends, with some fluctuations. In 2013, the renter-occupied rate was 28%, which decreased to 22% by 2015 as homeownership increased. From 2016 to 2019, the renter percentage stabilized at 25%. Average rent prices have shown variability, rising from $1,464 in 2013 to a peak of $1,659 in 2018, before declining to $1,531 in 2022. These changes in rent prices do not always directly correlate with renter percentages, suggesting that other factors such as local economic conditions and housing supply also influence the rental market.
Looking ahead, predictive models suggest that average home prices in Sunset Ridge may continue to rise over the next five years, potentially reaching around $450,000 by 2029, assuming current economic conditions and local market trends persist. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the same timeframe, driven by ongoing demand for rental properties in this desirable neighborhood.
In summary, Sunset Ridge has demonstrated a robust and stable housing market characterized by consistently high homeownership rates and significant property value appreciation. The neighborhood has shown resilience in the face of changing interest rates and economic conditions, with both the ownership and rental markets adapting to local demand. As Sunset Ridge continues to evolve, it remains an attractive area for both homeowners and renters, with potential for further growth in both property values and rental rates in the coming years.
