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Zip Code 32312: Rising Home Values and Stable Ownership in Suburban 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 32312, located in Bradfordville, Florida, is a suburban area known for its high homeownership rates and steadily increasing property values. Over the past decade, this area has experienced notable shifts in both ownership percentages and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 32312 has remained relatively stable, with a slight decrease from 86% in 2013 to 85% in 2022. During this period, average home prices have shown a significant upward trajectory. In 2013, the average home price was $250,455, which steadily increased to $417,446 by 2022, representing a substantial 66.7% increase over nine years. This trend suggests that while homeownership rates have remained high, the cost of purchasing a home in this area has become increasingly expensive.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 32312. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained above 80%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 82% in 2018 and 2019. Interestingly, despite the dramatic drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rebounded to 86%, suggesting that low interest rates indeed encouraged home buying in this area.
Renter percentages in zip code 32312 have fluctuated slightly over the years, ranging from 12% in 2013 to 15% in 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $1,564, which decreased to $1,414 in 2016 before rising again to $1,563 in 2022. This represents a modest 0.06% decrease over the nine-year period, in contrast to the significant increase in home prices. The relatively stable renter percentage, despite rising home prices, suggests that the rental market in this area remains an important housing option for a consistent portion of the population.
In 2023 and 2024, the housing market in zip code 32312 continued its upward trajectory. The average home price reached $432,534 in 2023 and further increased to $445,758 in 2024, representing a 3.6% and 3.1% year-over-year increase respectively. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in zip code 32312 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We estimate that by 2029, average home prices could reach approximately $525,000 to $550,000. Average rent prices are also expected to increase, potentially reaching around $1,800 to $1,900 per month by 2029, assuming a steady growth rate similar to recent years.
In summary, zip code 32312 has maintained a high homeownership rate despite significant increases in average home prices. The area has shown resilience in its housing market, with both ownership and rental sectors playing important roles. The recent sharp rise in interest rates may pose challenges to homeownership affordability, potentially leading to a slight increase in the renter population. However, the strong historical preference for homeownership in this area suggests that demand for homes will likely remain robust, continuing to drive property values upward in the coming years.
