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Zip Code 32086: Rising Home Values and Ownership Rates in St. Augustine Shores
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 32086, located in St. Augustine Shores, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices, reflecting the dynamic nature of its real estate landscape.
The homeownership rate in zip code 32086 has shown a slight upward trend over the years. In 2013, the homeownership rate was 75%, which dipped to 70% in 2015 but recovered to 76% by 2022. This overall increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $160,388, which steadily increased to $378,884 by 2022, representing a remarkable 136% increase over this period. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners, possibly due to its desirable location or community amenities.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively stable, fluctuating between 70% and 77%. This suggests that other local factors, such as job market strength or community development, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages in zip code 32086 have generally decreased, from 30% in 2015 to 24% in 2022. Interestingly, this decrease in renter occupancy has occurred alongside an overall increase in average rent prices. The average rent rose from $1,074 in 2013 to $1,154 in 2022, an increase of about 7.4%. However, this increase was not steady, with fluctuations observed throughout the years. For instance, the average rent peaked at $1,241 in 2020 and 2021 before dropping slightly in 2022. These trends, coupled with the area's population growth from 25,005 in 2013 to 33,132 in 2022, suggest a competitive rental market where demand has remained strong despite rising prices.
In 2023 and 2024, the housing market in zip code 32086 continued its upward trajectory. The average home price reached $387,826 in 2023 and further increased to $394,346 in 2024. This represents a 2.4% and 1.7% year-over-year increase respectively, indicating a slowdown in the rate of price appreciation compared to previous years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 32086, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $450,000 to $475,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are likely to continue their upward trend as well, potentially reaching $1,300 to $1,400 per month in the next five years, factoring in historical increases and local market pressures.
In summary, zip code 32086 has demonstrated a robust housing market characterized by increasing homeownership rates, significantly appreciating home values, and a competitive rental market. The area's ability to maintain high homeownership rates despite rising prices suggests strong local demand and potentially favorable economic conditions. However, the recent sharp increase in interest rates may introduce new dynamics to the market, potentially affecting both homeownership trends and price appreciation rates in the coming years.
