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Zip Code 32344: Rising Home Values and Stable Ownership in Rural 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 32344, located in Wacissa, Florida, presents an intriguing real estate landscape with dynamic shifts in homeownership rates and property values over the past decade. This area has maintained a relatively high percentage of owner-occupied homes, hovering around 75%, while experiencing significant fluctuations in average home prices and rent costs.
The homeownership rate in zip code 32344 has remained relatively stable, with slight variations between 73% and 76% from 2013 to 2022. Interestingly, this stability in ownership rates contrasts with the substantial increase in average home prices during the same period. In 2013, the average home price was $140,124, which steadily rose to $272,884 by 2022, representing a remarkable 94.7% increase over nine years. This trend suggests that despite rising property values, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 32344. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%, which likely contributed to the sustained high levels of homeownership. These low rates made mortgage financing more accessible and affordable for potential homebuyers. However, the sharp increase in interest rates to 1.68% in 2022 did not seem to significantly impact the homeownership rate, which remained at 74% that year.
Renter percentages in zip code 32344 have fluctuated between 24% and 27% from 2013 to 2022, inversely mirroring the homeownership trends. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $872, which decreased to $721 in 2020, representing a 17.3% drop. However, by 2022, average rent had further decreased to $704, marking a 19.3% overall decline from 2013 levels. This downward trend in rent prices, coupled with the area's relatively stable population (11,909 in 2013 to 11,556 in 2022), suggests that the rental market in this zip code may be influenced by factors beyond simple supply and demand dynamics.
Moving into more recent years, the average home prices in zip code 32344 continued their upward trajectory, reaching $289,618 in 2023 and further increasing to $298,070 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 32344 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. However, this growth rate might moderate due to the higher interest rate environment. Average rent prices, which have shown a decreasing trend, may stabilize or see a slight increase, potentially reaching around $750 per month by 2029, as property owners adjust to higher mortgage costs and increased property values.
In summary, zip code 32344 demonstrates a robust homeownership market with steadily increasing property values, despite recent rises in interest rates. The rental market, conversely, has seen declining average rents, creating an interesting dynamic between ownership and renting in this Florida community. These trends suggest a strong local preference for homeownership, potentially driven by long-term investment considerations and the area's specific economic factors.
