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Zip Code 32129 in Port Orange, Florida: Rising Home Values and Ownership Trends Amidst Market Fluctuations
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 32129, located in Port Orange, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a fluctuating trend in ownership percentages, while average home prices and average rent have generally increased.
The homeownership rate in zip code 32129 has shown some variability between 2013 and 2022. In 2013, the ownership rate stood at 72%. This figure decreased to 66% by 2017 and remained stable until 2019. However, there was a notable increase in homeownership from 2020 to 2022, rising from 70% to 71%. Interestingly, this increase in homeownership coincided with a substantial rise in average home prices. The average home price in the area grew from $119,872 in 2010 to $294,871 in 2022, representing a remarkable 146% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with a decrease in homeownership from 72% to 66%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased to 71%. This trend suggests that other local factors may have a stronger influence on homeownership in this area than national interest rates alone.
Renter percentages in zip code 32129 have generally mirrored the inverse of homeownership rates. The renter population increased from 28% in 2013 to a peak of 34% in 2017, before declining to 29% by 2022. Average rent prices have shown an overall upward trend, rising from $1,049 in 2013 to $1,141 in 2022, an increase of about 8.8%. It's worth noting that despite the decrease in renter percentage from 2017 to 2022, average rent continued to rise, possibly indicating increased demand for rental properties among the remaining renters or an overall increase in housing costs in the area.
In 2023 and 2024, the average home prices in zip code 32129 continued to rise, reaching $302,416 in 2023 and $307,129 in 2024. This represents a 2.6% increase from 2022 to 2023 and a further 1.6% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activities in the area.
Looking ahead, based on the historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 32129. If the current trajectory continues, average home prices could potentially reach around $350,000 to $375,000 by 2029. Average rent prices might increase to approximately $1,300 to $1,400 per month in the same period. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 32129 has experienced a rebound in homeownership rates in recent years, despite rising average home prices. The rental market has seen a decline in the percentage of renters, but average rent prices have continued to increase. The area's housing market has shown resilience and growth, with average home prices more than doubling over the past decade. As we move forward, the interplay between interest rates, housing affordability, and local economic conditions will likely continue to shape the housing landscape in this Port Orange zip code.
