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Zip Code 32903: Rising Home Values and Ownership Rates in Indialantic's Coastal Community
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 32903, located in Indialantic, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This coastal area has seen a remarkable increase in both average home prices and homeownership percentages, reflecting its growing appeal as a residential destination.
The relationship between homeownership rates and average home prices in zip code 32903 shows a strong positive correlation. In 2013, the homeownership rate was 74%, with an average home price of $244,603. By 2022, the homeownership rate had increased to 83%, while the average home price surged to $577,416. This substantial increase in both metrics indicates a growing demand for homeownership in the area, possibly driven by factors such as improved local amenities, economic growth, or the area's desirability as a coastal location.
Federal interest rates have played a significant role in homeownership trends in zip code 32903. From 2013 to 2020, interest rates remained relatively low, hovering between 0.08% and 2.16%. During this period, homeownership rates increased from 74% to 82%, suggesting that the low-interest environment may have encouraged more residents to purchase homes. However, despite the sharp increase in interest rates to 5.02% in 2023, homeownership rates remained stable at 83% in 2022, indicating other factors may be supporting the high rate of homeownership in this area.
Renter percentages and average rent prices in zip code 32903 have shown an inverse relationship to homeownership trends. As homeownership rates increased, the percentage of renters decreased from 26% in 2013 to 17% in 2022. Interestingly, despite the decreasing renter population, average rent prices have generally trended upward. In 2013, the average rent was $1,225, which increased to $1,528 by 2022. This trend suggests that while fewer people are renting, those who do are willing to pay higher prices, possibly due to improved rental property quality or increased demand for the limited rental inventory.
Looking at the most recent data, the average home price in zip code 32903 reached $602,580 in 2023 and further increased to $611,289 in 2024. This continued upward trend in home prices, despite the higher interest rates of 5.02% in 2023 and 5.33% in 2024, indicates strong demand and resilience in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32903 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current market conditions, average home prices could reach approximately $700,000 to $750,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $1,800 to $2,000 per month in the next five years, assuming the current economic conditions and housing demand persist.
In summary, zip code 32903 has demonstrated a robust housing market characterized by increasing homeownership rates, rising average home prices, and growing average rent prices. The area has shown resilience to rising interest rates, maintaining high homeownership levels despite recent rate increases. These trends suggest that Indialantic remains an attractive location for both homeowners and investors, with potential for continued growth in property values and rental income in the coming years.
