Conversely, the renter population in zip code 32168 has decreased from 26% in 2013 to 24% in 2022. Despite this decline, average rent prices have shown an overall upward trend. The average rent increased from $1,167 in 2013 to $1,348 in 2022, a 15.5% rise. However, this increase was not consistent, with some fluctuations observed. For instance, average rent peaked at $1,361 in 2021 before slightly decreasing to $1,348 in 2022. The population growth from 23,579 in 2013 to 29,400 in 2022 may have contributed to the overall increase in rent prices despite the declining percentage of renters.

In 2023 and 2024, the housing market in zip code 32168 continued to evolve. The average home price reached $383,889 in 2023 and further increased to $392,404 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the early 2020s. These higher interest rates may impact future homeownership trends and affordability in the area.

Looking ahead, predictive models suggest that average home prices in zip code 32168 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the overall appreciation of property values in the area. However, the rate of increase may moderate as the market adjusts to changing economic conditions.

In summary, zip code 32168 has experienced a significant increase in homeownership rates and property values over the past decade, influenced by favorable interest rates and local market dynamics. The area has seen substantial growth in average home prices, a slight decrease in the renter population, and moderate increases in average rent prices. As interest rates have risen in recent years, the housing market may face new challenges, potentially affecting future homeownership rates and price appreciation trends.