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Zip Code 32826: Rising Home Values and Shifting Ownership Trends in University, 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
University, Florida, zip code 32826, is a vibrant area that has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This analysis will explore these trends and their interrelationships. The homeownership rate in zip code 32826 has shown a gradual decline from 2013 to 2022. In 2013, 59% of housing units were owner-occupied, but by 2022, this figure had decreased to 51%. Concurrently, average home prices in the area have seen substantial growth. In 2013, the average home price was $127,387, which increased dramatically to $344,358 by 2022, representing a 170% increase over nine years.
This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents. The trend also correlates with changes in federal interest rates. From 2013 to 2015, interest rates remained low (0.11% to 0.13%), coinciding with relatively stable homeownership rates (59% to 56%). However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates continued to decline, reaching 51% in 2022.
The renter population in zip code 32826 has grown correspondingly with the decrease in homeownership. In 2013, 40% of housing units were renter-occupied, increasing to 49% by 2022. This shift has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $1,251, which increased to $1,382 by 2022, a 10.5% increase over nine years. The growing renter population and rising rent prices may be attributed to the area's increasing population density, which rose from 3,056.93 people per square mile in 2013 to 4,032.71 in 2022.
As of 2024, the average home price in zip code 32826 has reached $372,729, continuing the upward trend observed in previous years. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates seen in the past decade. This increase in interest rates could potentially impact homeownership rates and housing market dynamics in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32826 will continue to rise, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 32826 has experienced a shift towards a higher proportion of renters, coupled with significant increases in both average home prices and average rent prices. The interplay between federal interest rates, population growth, and housing market dynamics has contributed to these trends. As the area continues to evolve, it will be important to monitor how these factors shape the future of homeownership and rental markets in this Florida community.
