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Zip Code 32190: Rural Florida Area Sees Soaring Home Values and Ownership Rates
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 32190, located in Seville, Florida, has experienced significant changes in its housing market and population dynamics over the past decade. This rural area has seen fluctuations in homeownership rates and average home prices, with a general trend towards increased property values and a recent surge in owner-occupied housing.
The homeownership rate in zip code 32190 has shown considerable variability, ranging from a low of 74% in 2017 to a high of 92% in 2022. This dramatic increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $86,330, which steadily increased to $246,312 by 2022, representing a remarkable 185% increase over nine years. The relationship between homeownership and home prices in this area appears to be positive, with rising property values potentially attracting more buyers to the market.
Federal interest rates have played a role in shaping homeownership trends in zip code 32190. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates remained relatively stable, hovering around 75-82%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the area experienced its highest homeownership rate of 92%. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular zip code.
Renter percentages in zip code 32190 have fluctuated inversely to homeownership rates, naturally. The highest percentage of renters was observed in 2017 at 26%, while the lowest was in 2022 at 8%. Average rent prices have shown some volatility, with the highest recorded average rent of $635 in 2021 and the lowest of $550 in 2019. Interestingly, the population has grown from 635 in 2013 to 1,205 in 2022, which may have contributed to the overall demand for housing in the area.
In 2023, the average home price in zip code 32190 reached $262,402, continuing the upward trend observed in previous years. This represents a 6.5% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in previous years. Moving into 2024, the average home price has further increased to $267,809, showing a more modest 2.1% growth from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 32190 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest an annual appreciation of 3-5%, which could bring the average home price to around $310,000-$340,000 by 2029. Rent prices, which have shown less consistent growth, may stabilize or increase slightly, potentially reaching an average of $650-$700 per month in the same timeframe.
In summary, zip code 32190 has demonstrated a robust housing market with significant growth in both homeownership rates and average home prices. The area has bucked national trends by showing increased homeownership even in the face of rising interest rates. The substantial population growth and the dramatic increase in property values suggest a growing attractiveness of the area to residents and investors alike. As we move forward, the interplay between interest rates, local economic factors, and housing demand will continue to shape the real estate landscape in this Florida community.
