Loading Content...
Zip Code 32179: Rising Home Values and High Ownership Rates in Silver Springs Shores East, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Silver Springs Shores East, located in zip code 32179 in Florida, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing substantial growth in recent years.
The homeownership rate in zip code 32179 has remained relatively stable, fluctuating between 78% and 83% from 2013 to 2022. Interestingly, as average home prices increased, the percentage of owner-occupied homes also saw a slight upward trend. In 2013, the homeownership rate was 79% with an average home price of $78,083. By 2022, the rate had increased to 83% while the average home price rose dramatically to $226,559, representing a 190% increase over this period.
Federal interest rates appear to have influenced homeownership rates in this area. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership remained steady around 79-80%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership actually increased to 83%, possibly due to residents securing properties before further rate hikes.
Renter percentages in zip code 32179 have shown a corresponding decline as homeownership increased. In 2013, 21% of housing units were renter-occupied, with an average rent of $832. By 2022, the renter percentage had decreased to 17%, while the average rent fluctuated, reaching $805. This trend suggests that as home prices increased, more residents may have transitioned from renting to owning, despite rising property values.
In 2023 and 2024, the real estate market in zip code 32179 continued to evolve. The average home price in 2023 reached $242,091, a further increase from 2022. In 2024, the average home price climbed to $248,547, indicating continued growth in property values. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 32179 are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices may also see moderate increases as the rental market adjusts to changes in homeownership rates and overall housing demand.
In summary, zip code 32179 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. The area has maintained high owner-occupancy rates despite rising property values, suggesting a robust local real estate market. The interplay between federal interest rates, homeownership rates, and property values will likely continue to shape the housing landscape in this Florida community in the coming years.
