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Zip Code 32909: Rising Home Values and Ownership Trends in Palm Bay, 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
Zip code 32909, located in Palm Bay, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with substantial growth in both average home prices and average rent prices.
The ownership percentage in zip code 32909 has shown a steady upward trend, increasing from 79% in 2013 to 83% in 2022. This rise in homeownership coincides with a dramatic increase in average home prices. In 2013, the average home price was $101,371, which more than tripled to $321,422 by 2022. This represents a 217% increase in just nine years, indicating a robust and growing housing market in the area.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite fluctuations in interest rates, the homeownership rate has remained relatively stable, even showing a slight increase. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 83%. Interestingly, this rate remained unchanged in 2022 when interest rates rose to 1.68%, suggesting that other factors beyond interest rates are influencing homeownership decisions in this area.
Conversely, the percentage of renters in zip code 32909 has shown a slight decrease, from 20% in 2013 to 17% in 2022. Despite this decrease, average rent prices have seen a significant increase. In 2013, the average rent was $1,040, which rose to $1,313 by 2022, representing a 26% increase. This trend suggests that while fewer people are renting, those who do are paying considerably more. The population growth from 30,374 in 2013 to 36,210 in 2022 may have contributed to the increased demand for rental properties, driving up prices despite the lower percentage of renters.
Looking at the most recent data, the average home price in zip code 32909 continued to rise in 2023, reaching $326,397. In 2024, it further increased to $330,323. This upward trend has occurred despite a significant increase in interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures indicate a resilient housing market that continues to appreciate even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 32909 to continue their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,600 per month within the same timeframe. These projections are based on the historical trends and assume relative stability in economic conditions.
In summary, zip code 32909 in Palm Bay, Florida, has demonstrated a strong housing market characterized by increasing homeownership rates, rapidly appreciating home values, and rising rent prices. The area has shown resilience to fluctuations in interest rates, maintaining high homeownership levels even as rates have increased. With continued population growth and a consistent upward trend in both home and rent prices, this zip code appears poised for further appreciation in the coming years.
