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Zip Code 32776: Mount Plymouth's Soaring Home Values and Resilient Ownership Rates
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
Mount Plymouth, located in zip code 32776 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing population and fluctuating homeownership rates, accompanied by substantial growth in average home prices. The homeownership rate in Mount Plymouth has shown some variability over the years. In 2013, the area had a high homeownership rate of 89%. This rate declined to 78% by 2017 but rebounded to 89% in 2022. During this period, average home prices in the zip code 32776 area saw a considerable increase. In 2013, the average home price was $159,236, which rose steadily to $400,062 by 2022, representing a 151% increase over nine years.
The relationship between federal interest rates and homeownership rates in Mount Plymouth shows some correlation. For instance, when interest rates were low in 2013 (0.11%), homeownership was high at 89%. As interest rates began to rise, reaching 1.83% in 2018, homeownership dipped to 84%. However, despite rising interest rates in recent years, homeownership has returned to 89% in 2022, suggesting other factors may be influencing homeownership decisions in this area.
Renter percentages and average rent prices in Mount Plymouth have also shown interesting trends. The percentage of renters increased from 11% in 2013 to a peak of 21% in 2017, before decreasing back to 11% in 2022. Average rent prices have fluctuated during this period. In 2013, the average rent was $1,139, rising to $1,312 in 2014. It then experienced some ups and downs, reaching $1,082 in 2022. The fluctuations in rent prices and renter percentages may be influenced by the area's growing population, which increased from 9,586 in 2013 to 12,881 in 2022.
Looking at the most recent data, the average home price in zip code 32776 reached $413,797 in 2023 and further increased to $418,930 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Mount Plymouth will continue to rise, albeit at a potentially slower rate due to higher interest rates. The area's consistent population growth and historically high homeownership rates suggest a sustained demand for housing. Average rent prices may also see moderate increases, influenced by the overall housing market trends and local economic factors.
In summary, Mount Plymouth in zip code 32776 has demonstrated resilience in homeownership rates despite fluctuations, with a significant increase in average home prices over the past decade. The area has maintained a high proportion of homeowners even in the face of rising home prices and interest rates. The rental market has shown more volatility, both in terms of renter percentages and average rent prices. As the community continues to grow, these housing market dynamics will likely play a crucial role in shaping the area's future development and demographic composition.
