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Zip Code 32305: Rising Home Values and Steady Ownership in Woodville, 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 32305, located in Woodville, Florida, presents an intriguing case study of housing market dynamics. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has shown resilience, hovering around 60%, while average home prices have demonstrated a significant upward trajectory, particularly in recent years.
The homeownership rate in zip code 32305 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 61%, and by 2022, it maintained that same level. Interestingly, during this period, average home prices saw a substantial increase. In 2013, the average home price was $83,355, and by 2022, it had more than doubled to $170,946, representing a 105% increase over nine years. This trend suggests that despite rising home prices, residents in this area have managed to maintain a consistent level of homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 32305. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at around 58-61%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, reaching 62% in 2020. This unexpected trend might be attributed to residents rushing to secure mortgages before rates increased further.
The rental market in zip code 32305 has shown interesting patterns in relation to average rent prices. In 2013, the average rent was $869, with 39% of residents renting. By 2022, the average rent had decreased slightly to $821, while the percentage of renters remained constant at 39%. This stability in the rental market, despite fluctuations in rent prices, suggests a consistent demand for rental properties in the area. The population growth from 19,310 in 2013 to 19,535 in 2022 may have contributed to maintaining this balance in the rental market.
Looking at more recent data, the average home prices in zip code 32305 continued their upward trend, reaching $179,167 in 2023 and $185,282 in 2024. This represents a further increase of 8.4% from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32305 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $210,000 to $220,000 by 2029. For rent prices, the forecast suggests a possible reversal of the recent downward trend, with average rents potentially increasing to around $900 to $950 per month by 2029, assuming economic conditions remain stable and population growth continues.
In summary, zip code 32305 has demonstrated remarkable resilience in homeownership rates despite significant increases in average home prices. The area has maintained a balanced housing market with a consistent split between owners and renters. The recent sharp rise in interest rates, coupled with steadily increasing home prices, may present challenges for future homebuyers. However, the historical stability of the market suggests that this area may continue to adapt to changing economic conditions, maintaining its appeal for both homeowners and renters alike.
