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Zip Code 32547: Rising Home Values and Ownership in Wright, 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 32547, located in Wright, Florida, presents an intriguing case study of housing market dynamics. This area has experienced significant fluctuations in homeownership rates and property values over the past decade. The ownership percentage has shown a notable increase in recent years, while average home prices have demonstrated a consistent upward trend.
The homeownership rate in zip code 32547 has seen a remarkable shift from 2013 to 2022. In 2013, 52% of residents were homeowners. This figure dipped to its lowest point of 47% in 2017 and 2018, before rebounding strongly to reach 57% by 2022. Concurrently, average home prices have shown steady growth. In 2013, the average home price was $153,867. By 2022, this figure had more than doubled to $316,120, representing a 105% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.40%), homeownership rates actually declined from 52% to 48%. However, as interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates unexpectedly increased to 57%. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in this area.
Renter percentages and average rent prices in zip code 32547 have also shown noteworthy trends. The percentage of renters peaked at 53% in 2017 and 2018, coinciding with average rent prices of $1,071 and $1,064 respectively. As the renter percentage decreased to 43% by 2022, average rent prices continued to climb, reaching $1,127. This inverse relationship suggests that as more residents transitioned to homeownership, the remaining rental properties commanded higher prices, possibly due to increased demand among a smaller pool of renters.
In 2023 and 2024, average home prices in zip code 32547 continued their upward trajectory, albeit at a slower pace. The average home price reached $323,740 in 2023 and $326,454 in 2024, representing a modest 2.4% and 0.8% year-over-year increase respectively. This deceleration in price growth coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially dampening demand for home purchases.
Looking ahead, predictive models suggest that average home prices in zip code 32547 may continue to rise, but at a more moderate pace. Over the next five years, average home prices could potentially reach around $350,000 to $375,000, assuming current economic conditions persist. Average rent prices are also expected to increase, potentially reaching $1,300 to $1,400 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 32547 has experienced a significant shift towards homeownership in recent years, despite rising home prices and interest rates. The area has seen substantial appreciation in property values, with average home prices more than doubling since 2013. The rental market has also shown strength, with average rents increasing even as the percentage of renters decreased. These trends suggest a robust and dynamic housing market in this Florida community, with potential for continued growth in both home values and rental prices in the coming years.
