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Zip Code 32465: Rising Home Values and Ownership Rates in Wewahitchka, 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 32465, encompassing Wewahitchka in Florida, presents an intriguing real estate landscape with notable trends in homeownership rates, average home prices, and average rent prices over the past decade. This area, covering 356.49 square miles, has experienced significant shifts in its housing market dynamics.
The homeownership rate in zip code 32465 has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 70%, which increased to 79% by 2022. This rise coincides with a substantial increase in average home prices. In 2013, the average home price was $69,209, which more than doubled to $166,617 by 2022. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 32465. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates increased from 70% to 77%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates fluctuated slightly but remained relatively high. The drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a surge in homeownership to 81% in 2021, the highest in the observed period.
Renter percentages in zip code 32465 have generally decreased as homeownership rates increased. In 2013, renters made up 30% of the population, which decreased to 21% by 2022. Interestingly, average rent prices have shown fluctuations over this period. In 2013, the average rent was $906, which decreased to $819 in 2016 before rising to $975 in 2017. By 2022, the average rent had settled at $862. These fluctuations in rent prices, coupled with the decreasing renter percentage, suggest a shift towards homeownership in the area, possibly driven by the increasing affordability of homes relative to renting.
In 2023 and 2024, zip code 32465 continued to see growth in average home prices. The average home price reached $177,767 in 2023 and further increased to $186,691 in 2024. This represents a 6.6% increase from 2022 to 2023 and a 5.0% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand in the area.
Looking ahead, based on the observed trends, we can forecast potential 5-year trends for average home and rent prices in zip code 32465. Assuming the current growth rate continues, average home prices could potentially reach around $225,000 to $240,000 by 2029. For rent prices, given their historical fluctuations, a more conservative estimate would suggest they might range between $900 and $1,000 by 2029, assuming moderate growth and economic stability.
In summary, zip code 32465 has demonstrated a clear trend towards increased homeownership, with rising average home prices and fluctuating but relatively stable average rent prices. The area has shown resilience in its housing market, with continued growth in home values even in the face of rising interest rates. These trends suggest a robust and evolving real estate market in this Florida community.
