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Zip Code 32352: Quincy, Florida's Fluctuating Home Values and Ownership Trends
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 32352, located in Quincy, Florida, presents an intriguing demographic landscape with fluctuating homeownership rates and evolving housing market trends. Over the past decade, this area has experienced notable shifts in its residential composition, with homeownership percentages ranging from 69% to 79% and average home prices showing a significant upward trajectory.
The relationship between homeownership rates and average home prices in zip code 32352 reveals some interesting patterns. In 2013, when the homeownership rate was at 78%, the average home price was $79,992. As homeownership rates fluctuated over the years, average home prices generally trended upward. By 2022, despite a decrease in homeownership to 69%, the average home price had risen substantially to $158,029, representing a 97.5% increase from 2013.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively high at 75% and 71%. However, as interest rates began to rise in 2022 to 1.68%, we see a corresponding drop in homeownership to 69%, suggesting that higher borrowing costs may have deterred some potential buyers.
Renter percentages and average rent prices in zip code 32352 have shown an inverse relationship to homeownership trends. As the percentage of renters increased from 22% in 2013 to 31% in 2022, average rent prices actually decreased from $853 to $757 during the same period. This counterintuitive trend might be attributed to changes in local housing supply or economic factors specific to Quincy.
Looking at the most recent data, average home prices in zip code 32352 continued their upward trend, reaching $170,404 in 2023 and $179,415 in 2024. This represents a 7.8% increase from 2022 to 2023 and a further 5.3% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32352 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current trends, we project that average home prices could reach approximately $210,000 to $220,000 by 2029. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $800 to $850 per month by 2029, assuming local economic conditions remain relatively stable.
In summary, zip code 32352 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The inverse relationship between renter percentages and average rent prices presents a unique dynamic in this area. As interest rates continue to play a significant role in shaping the market, it will be crucial to monitor how these factors influence future homeownership trends and housing affordability in this Florida community.
