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Zip Code 32763: Rising Home Values and Stable Ownership in Orange City, 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
Orange City, located in zip code 32763 in Florida, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this suburban area. The homeownership rate in Orange City has remained relatively stable, fluctuating between 63% and 66% from 2013 to 2022. Despite this stability, the average home prices in the area have shown a significant upward trend. In 2013, the average home price was $82,426, which steadily increased to $279,019 by 2022, representing a substantial 238% increase over nine years. This trend suggests that while the proportion of homeowners has remained consistent, the cost of homeownership has risen dramatically.
Federal interest rates have played a role in shaping homeownership trends in Orange City. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), the homeownership rate remained steady at around 63-66%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate held steady at 63%, indicating a resilient local housing market despite increasing borrowing costs.
Renter percentages in Orange City have mirrored the homeownership rates, ranging from 34% to 37% between 2013 and 2022. The average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $1,142, which increased to $1,235 by 2022, representing an 8.1% increase over nine years. This growth in rent prices, while significant, has been less dramatic than the increase in home prices. The population growth from 21,862 in 2013 to 24,417 in 2022 may have contributed to the upward pressure on both home prices and rents.
In 2023, the average home price in Orange City reached $289,454, and in 2024, it further increased to $296,462. This continued upward trend coincides with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in the local housing market.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in Orange City could potentially reach the $350,000 to $400,000 range by 2029. Average rent prices are projected to increase as well, potentially surpassing $1,500 per month within the same timeframe.
In summary, Orange City's housing market has demonstrated robust growth in property values over the past decade, with average home prices more than tripling between 2013 and 2024. Despite rising interest rates, the demand for housing remains strong, as evidenced by the continued appreciation in home values. The rental market has also seen steady growth, albeit at a slower pace than home prices. These trends suggest a dynamic and resilient housing market in Orange City, with potential for continued growth in both the homeownership and rental sectors.
