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Zip Code 32536: Rising Home Values and Shifting Ownership Patterns in Crestview, 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 32536, located in Crestview, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a dynamic shift in its real estate market, reflecting broader economic trends and local developments.
The homeownership rate in zip code 32536 has fluctuated over the years, with a notable trend of decreasing ownership from 2015 to 2019. In 2015, the ownership rate peaked at 72%, but by 2019, it had dropped to 63%. However, there was a rebound in recent years, with ownership increasing to 71% in 2022. This trend correlates interestingly with the average home prices in the area. From 2015 to 2022, average home prices rose steadily from $158,413 to $300,045, representing a substantial increase of 89.4% over seven years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with relatively high homeownership rates of 71-72%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, we saw a decline in homeownership rates to 64% in the same year. However, the relationship is not always direct, as evidenced by the increase in homeownership to 71% in 2022 despite rising interest rates.
Renter percentages in zip code 32536 have generally moved inversely to homeownership rates, as expected. The renter population increased from 28% in 2015 to a peak of 37% in 2019, before decreasing to 29% in 2022. Average rent prices have shown an overall upward trend, rising from $1,222 in 2015 to $1,204 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $1,408 in 2021, possibly influenced by the growing population, which increased from 19,367 in 2010 to 25,708 in 2022.
In 2023 and 2024, average home prices in zip code 32536 continued to rise, reaching $306,993 in 2023 and $309,691 in 2024. This represents a modest increase of 3.2% from 2022 to 2024, indicating a slowdown in price growth compared to previous years. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 32536 may continue to increase over the next five years, but at a more moderate pace. We might expect average home prices to reach approximately $330,000 to $350,000 by 2029. Average rent prices are also projected to rise, potentially reaching $1,300 to $1,400 per month in the same timeframe, assuming current economic conditions and population growth trends persist.
In summary, zip code 32536 has experienced significant growth in both population and property values over the past decade. The area has seen a recent rebound in homeownership rates despite rising home prices, suggesting strong local demand. The interplay between interest rates, home prices, and rental markets continues to shape the real estate landscape in this Florida community, with moderate growth expected in the coming years.
