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Zip Code 32440: Rising Home Values and Shifting Ownership in Graceville, 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 32440, located in Graceville, Florida, presents an intriguing case study of homeownership and rental trends over the past decade. This area has experienced fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 32440 has shown a gradual decline from 2013 to 2022. In 2013, 70% of residents owned their homes, but by 2022, this figure had decreased to 66%. Concurrently, average home prices have seen a significant increase. In 2013, the average home price was $81,866, rising steadily to reach $160,059 by 2022, representing a remarkable 95.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally inverse pattern. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 70-71%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 66%.
Renter percentages in zip code 32440 have correspondingly increased from 30% in 2013 to 34% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. Starting at $729 in 2013, rent prices peaked at $867 in 2017 before declining to $665 in 2022, representing a 23.3% decrease from the peak. This trend suggests that while more residents are renting, the local rental market has become more affordable in recent years.
In 2023 and 2024, the housing market in zip code 32440 continued its upward trajectory. The average home price increased to $163,435 in 2023 and further to $169,735 in 2024, representing a 6% increase over these two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 32440 may continue to rise moderately over the next five years, potentially reaching around $190,000 by 2029. Rent prices, which have been more volatile, are projected to stabilize and potentially increase slightly, possibly reaching an average of $750-$800 per month in the same timeframe.
In summary, zip code 32440 has experienced a shift towards renting, with homeownership rates declining as average home prices have substantially increased. Despite rising interest rates, home values continue to appreciate, suggesting strong demand in the area. The rental market, while growing in terms of occupancy, has seen more fluctuation in prices, indicating a complex interplay of supply, demand, and local economic factors.
