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Zip Code 32358: Rising Home Values and Strong Ownership in Rural Sopchoppy, 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 32358, located in Sopchoppy, Florida, presents an interesting case study of homeownership and housing market trends in a small, rural community. This area has experienced fluctuations in both population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices.
The ownership percentage in zip code 32358 has shown a notable increase from 2013 to 2022, rising from 81% to 88%. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $120,970, and by 2022, it had risen to $243,078, representing a substantial 101% increase over nine years. This correlation suggests that despite rising prices, more residents in the area were able to become homeowners, possibly due to other economic factors or local initiatives supporting homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 32358. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the area still managed to maintain and even increase its homeownership rate, reaching 84% by 2019. This resilience in homeownership despite rising interest rates could indicate strong local economic conditions or a cultural preference for owning homes in this community.
Renter percentages in zip code 32358 have generally decreased as homeownership rates increased. In 2013, renters made up 19% of the population, and by 2022, this figure had dropped to 12%. Interestingly, average rent prices showed an overall upward trend during this period, rising from $879 in 2013 to $986 in 2022, a 12.2% increase. This trend suggests that while fewer people were renting, those who did rent were paying higher prices. The population fluctuations, ranging from 2,094 to 2,620 residents between 2013 and 2022, may have influenced the rental market dynamics, potentially creating periods of higher demand for rental properties despite the overall decrease in renter percentages.
In 2023 and 2024, the average home prices in zip code 32358 continued their upward trajectory, reaching $254,525 in 2023 and $266,572 in 2024. This represents a 4.7% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in zip code 32358 may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, possibly at a rate similar to or slightly below the growth in home prices. However, the exact trajectory will depend on various factors, including local economic conditions, population changes, and broader market forces.
In summary, zip code 32358 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining high homeownership rates even in the face of rising home prices and fluctuating interest rates. The rental market, while shrinking in terms of the percentage of renters, has seen steady increases in average rent prices. These trends paint a picture of a community with a strong preference for homeownership and a housing market that has experienced consistent appreciation.
