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Zip Code 32181: Rising Home Values and Declining Ownership in Pomona Park, 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 32181, located in Pomona Park, Florida, has experienced significant changes in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 32181 has shown a notable decline over the years. In 2013, the area boasted a high 83% owner-occupied housing rate. However, by 2022, this figure had dropped significantly to 64%. This downward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price in the area was $84,427. By 2022, it had more than doubled to $211,577, representing a 150% increase over nine years.
The relationship between federal interest rates and homeownership rates in zip code 32181 appears to follow expected patterns. As interest rates remained low between 2013 and 2016, hovering around 0.1% to 0.4%, homeownership rates stayed relatively stable, ranging from 82% to 87%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates saw a more pronounced decline, dropping from 82% in 2017 to 64% in 2022.
Conversely, the percentage of renters in zip code 32181 has increased substantially. In 2013, only 17% of housing units were renter-occupied. By 2022, this figure had more than doubled to 36%. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $761. It peaked at $869 in 2018 before declining to $739 in 2022. This fluctuation in rent prices, despite the increasing renter population, suggests a complex interplay of factors affecting the local rental market.
Looking at the most recent data, the average home price in zip code 32181 slightly decreased from $211,577 in 2022 to $210,568 in 2023, marking a minor correction in the market. However, in 2024, prices have rebounded to $222,806, indicating continued growth in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32181 will continue to rise, albeit at a more moderate pace. The rapid growth seen in recent years is likely to stabilize, with projected average home prices potentially reaching around $250,000 to $275,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially increasing to around $900 to $950 per month over the next five years, assuming current economic conditions and population growth trends persist.
In summary, zip code 32181 has experienced a significant shift from a predominantly homeowner community to one with an increasing renter population. This change has occurred alongside substantial increases in average home prices and fluctuating rent prices. The interplay between federal interest rates, housing affordability, and demographic changes will likely continue to shape the local housing market in the coming years, with both home prices and rent expected to show moderate growth.
