Renter percentages and average rent prices in zip code 32502 have shown their own distinct patterns. In 2013, the renter-occupied rate was 47%, with an average rent of $878. By 2022, the renter-occupied rate remained at 47%, while the average rent had increased to $1,051, a 19.7% rise. This suggests that despite the increase in rent prices, the proportion of renters in the area remained stable. The population growth from 3,132 in 2013 to 4,209 in 2022 indicates a growing demand for housing in the area, which may have contributed to the rise in both home prices and rents.

Looking at the most recent data, the average home price in zip code 32502 reached $334,993 in 2023 and further increased to $344,767 in 2024. This represents a 3.8% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.

Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices for zip code 32502. Based on the historical data and current market conditions, average home prices could potentially reach around $400,000 by 2029. Average rent prices may increase to approximately $1,300 per month in the same timeframe, assuming the current growth rate continues.

In summary, zip code 32502 has demonstrated remarkable resilience in its housing market. Despite significant increases in average home prices and moderate growth in average rent prices, homeownership and renter-occupied rates have remained relatively stable. The area has seen substantial population growth, which has likely contributed to the rising housing costs. With recent increases in interest rates and continued growth in home values, it will be interesting to observe how these factors influence homeownership rates and housing affordability in the coming years.