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Zip Code 32127: Port Orange's Rising Home Values and Stable Ownership in Coastal Florida
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 32127, located in Port Orange, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area, known for its coastal charm and proximity to Daytona Beach, has seen a general trend of increasing average home prices and fluctuating homeownership rates. The homeownership rate in zip code 32127 has shown some variability but has generally remained high. In 2013, the homeownership rate was 74%, and it reached its peak of 77% in both 2015 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $152,420, and by 2022, it had increased dramatically to $369,912, representing a 142.7% increase over nine years.
When examining the relationship between federal interest rates and homeownership rates, we observe some interesting patterns. In 2013, when the federal interest rate was 0.11%, the homeownership rate was 74%. As interest rates remained low, hovering around 0.1% to 0.4% from 2014 to 2016, homeownership rates increased slightly, reaching 75% to 77%. However, even as interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, suggesting that other factors were also influencing homeownership decisions in this area.
Renter percentages and average rent prices in zip code 32127 have also shown interesting trends. The percentage of renters decreased from 26% in 2013 to 23% in 2022. During this period, average rent prices increased from $1,143 in 2013 to $1,299 in 2022, representing a 13.6% increase. It's worth noting that despite the overall population growth from 30,161 in 2013 to 28,979 in 2022, the renter population decreased, indicating a shift towards homeownership in the area.
Looking at the most recent data, the average home price in zip code 32127 continued to rise in 2023, reaching $381,629. In 2024, it further increased to $384,663. Concurrently, federal interest rates have also risen significantly, from 5.02% in 2023 to 5.33% in 2024. This combination of rising home prices and higher interest rates may impact affordability and future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32127 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $450,000 to $500,000. For rent prices, we expect a moderate increase, potentially reaching an average of $1,500 to $1,600 per month by 2029.
In summary, zip code 32127 has demonstrated strong growth in property values over the past decade, with average home prices more than doubling. Homeownership rates have remained relatively high despite fluctuations, while the renter population has decreased slightly. The area has shown resilience in maintaining high homeownership rates even as property values and interest rates have increased. Moving forward, the interplay between rising home prices, higher interest rates, and local economic factors will likely shape the housing market dynamics in this Florida coastal community.
