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Zip Code 32343: Rising Home Values and Ownership Rates in Midway, 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
Midway, located in zip code 32343 in Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a notable increase in both population and homeownership, coupled with fluctuating average home prices and rent rates.
The homeownership rate in zip code 32343 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 80%, which steadily increased to 93% by 2022. This substantial rise in homeownership coincides with a general upward trend in average home prices. In 2013, the average home price was $109,509, which rose to $224,917 by 2022, representing a 105% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices rising from $164,306 to $224,917, a 37% increase in just two years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates, likely due to more affordable financing options. The sharp increase in homeownership from 86% in 2020 to 93% in 2022 occurred despite a rise in interest rates from 0.38% to 1.68%, suggesting other factors were also influential in driving homeownership.
Conversely, the percentage of renters in zip code 32343 has decreased from 19% in 2013 to 7% in 2022. Interestingly, average rent prices have shown significant volatility over this period. In 2013, the average rent was $568, which peaked at $1,078 in 2021 before dropping to $845 in 2022. This fluctuation in rent prices does not appear to correlate directly with the steady decrease in the renter population, indicating that other factors, such as the increasing homeownership rate and growing population (from 1,047 in 2013 to 1,658 in 2022), may have had a more significant impact on the rental market.
As of 2024, the average home price in zip code 32343 has risen to $254,414, representing a 13% increase from 2022. This increase has occurred alongside a significant rise in federal interest rates, which reached 5.33% in 2024. Despite higher interest rates, the continued rise in home prices suggests strong demand in the area.
Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in zip code 32343 to continue their upward trajectory over the next five years. However, the rate of increase may moderate due to the higher interest rates. Average rent prices, which have shown volatility, may stabilize or increase slightly as the rental market adjusts to the smaller pool of renters and potential increased demand from those priced out of homeownership due to higher interest rates and home prices.
In summary, zip code 32343 has experienced a remarkable increase in homeownership rates, rising from 80% to 93% between 2013 and 2022. This trend has been accompanied by a significant appreciation in average home values, more than doubling over the same period. The rental market has contracted, with both the percentage of renters and average rent prices showing volatility. The area's growing population and the recent surge in home prices, even in the face of rising interest rates, indicate a robust and dynamic real estate market in this Florida community.
