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Zip Code 32084: Rising Home Values and Ownership in Historic St. Augustine
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 32084, located in St. Augustine, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This historic coastal area has seen a general trend of increasing homeownership and rising average home prices, alongside fluctuating rental markets.
The ownership percentage in zip code 32084 has shown a steady increase from 63% in 2013 to 68% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $142,700, which more than doubled to $359,993 by 2022, representing a 152% increase over nine years. This strong correlation between rising homeownership rates and increasing home prices suggests a growing demand for property ownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 32084. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 61% to 63%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), interestingly, homeownership rates also increased from 63% to 68%. This unexpected trend might be attributed to other local factors or a rush to purchase homes before rates climbed further.
Renter percentages in zip code 32084 have inversely mirrored the homeownership trends, declining from 37% in 2013 to 32% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,060 in 2013 to $1,096 in 2022, with some fluctuations in between. Notably, the average rent peaked at $1,185 in 2021 before slightly decreasing in 2022. This trend suggests that while fewer people are renting, the rental market remains competitive, possibly due to the area's desirability or limited rental inventory.
Moving into more recent years, the average home price in zip code 32084 continued its upward trajectory, reaching $369,144 in 2023 and $370,883 in 2024. This represents a slight slowdown in price growth compared to previous years, potentially influenced by the sharp increase in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be tempering home price appreciation and could impact future homeownership rates.
Looking ahead, predictive models suggest that average home prices in zip code 32084 may continue to rise, but at a more moderate pace over the next five years. The rate of increase is expected to slow down, potentially reaching around $400,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $1,200 per month within the same timeframe, driven by ongoing demand for housing in this desirable coastal area.
In summary, zip code 32084 has demonstrated a strong trend towards increased homeownership and significantly appreciating home values over the past decade. Despite rising interest rates, the area has maintained its appeal to homebuyers. The rental market, while shrinking in terms of percentage, has seen generally increasing prices, indicating sustained demand. As St. Augustine continues to attract residents and visitors, these housing market dynamics are likely to evolve, balancing between the pressures of desirability, affordability, and economic factors.
