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Zip Code 32713: Rising Home Values and Stable Ownership in DeBary, 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 32713, located in DeBary, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The overall trend shows a general increase in average home prices, while homeownership rates have remained relatively stable with some variations.
Examining the relationship between homeownership percentages and average home prices in zip code 32713 reveals interesting trends. In 2013, the homeownership rate was 86% with an average home price of $150,863. As average home prices steadily increased, reaching $372,070 in 2022, the homeownership rate slightly decreased to 83%. This suggests that rising home prices may have made homeownership less accessible for some residents. However, it's worth noting that despite the significant increase in average home prices (a 146.6% increase from 2013 to 2022), the homeownership rate remained relatively stable, only decreasing by 3 percentage points.
Federal interest rates have played a role in homeownership trends in zip code 32713. In 2013, when interest rates were at 0.11%, the homeownership rate was 86%. As interest rates remained low, fluctuating between 0.08% and 2.16% from 2013 to 2020, homeownership rates stayed relatively stable, ranging from 80% to 86%. This stability in homeownership during periods of low interest rates aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Regarding renter percentages and average rent prices, there's been a slight increase in the proportion of renters over time, accompanied by fluctuations in average rent prices. In 2013, the renter percentage was 14% with an average rent of $1,237. By 2022, the renter percentage increased to 17% while the average rent decreased to $1,053. This decrease in average rent despite an increase in the renter population could be attributed to various factors, including changes in housing supply or local economic conditions. It's important to note that the population of zip code 32713 grew from 19,014 in 2013 to 22,793 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 32713 continued to rise, reaching $384,403 in 2023 and $391,685 in 2024. This represents a 3.3% increase from 2022 to 2023 and a further 1.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact homeownership rates and housing affordability in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32713 will continue to rise, albeit at a slower pace due to higher interest rates. Average rent prices are expected to stabilize or increase slightly as the rental market adjusts to changing economic conditions and housing demand.
In summary, zip code 32713 has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite significant increases in average home prices. The area has seen steady population growth, which has likely contributed to the housing market's dynamics. The recent sharp increase in interest rates may lead to a cooling effect on home price growth and could potentially impact homeownership rates in the near future. The rental market has shown flexibility, with average rents adjusting to market conditions. Moving forward, we expect a continued but moderated growth in average home prices, with potential for increased rental demand if homeownership becomes less accessible due to higher interest rates and home prices.
