Loading Content...
Zip Code 32839 in Orlando: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 32839, located in Orlando, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices.
The ownership percentage in zip code 32839 has shown a fluctuating trend over the years. In 2013, the homeownership rate stood at 24%. It decreased to 20% by 2017 and remained stable until 2020. Interestingly, from 2020 to 2022, there was a notable increase in homeownership, reaching 27% in 2022. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $67,033, which steadily increased to $223,901 by 2022, representing a remarkable 234% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an intriguing pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates initially declined from 24% to 20%. However, as interest rates began to rise in 2022 to 1.68%, homeownership surprisingly increased to 27%. This suggests that factors beyond interest rates, such as local economic conditions or housing policies, may have influenced homeownership trends in this area.
Renter percentages and average rent prices in zip code 32839 have also shown notable trends. The percentage of renters increased from 71% in 2013 to a peak of 78% in 2018, before slightly decreasing to 73% in 2022. During this period, average rent prices steadily increased from $1,015 in 2013 to $1,169 in 2022, a 15.2% increase. The population growth from 47,252 in 2013 to 51,941 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 32839 continued to evolve. The average home price further increased to $239,367 in 2023 and reached $243,816 in 2024, representing a 8.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 32839 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing population growth and housing demand in the area.
In summary, zip code 32839 has experienced a complex interplay of factors affecting its housing market. The area has seen a recent uptick in homeownership despite rising home prices and interest rates. Meanwhile, the rental market remains robust, with a majority of residents still opting to rent. These trends reflect the dynamic nature of Orlando's housing market and suggest continued evolution in the coming years.
