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Zip Code 32950: Rising Home Values and Ownership in Coastal Malabar, 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 32950, located in Malabar, Florida, has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This coastal area, known for its small-town charm, has seen a general trend of increasing homeownership and rising property values.
The ownership percentage in zip code 32950 has shown a notable upward trend, rising from 84% in 2013 to 90% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $200,292, which steadily increased to $513,544 by 2022, representing a remarkable 156% increase over this period. The most significant annual jump occurred between 2020 and 2021, with average home prices surging from $352,906 to $420,940, a 19.3% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 32950. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the increase in homeownership from 84% to 92%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates remained stable at 90-92%, suggesting that other factors, such as local economic conditions or housing supply, may have offset the impact of rising interest rates.
The renter percentage in zip code 32950 has correspondingly decreased from 16% in 2013 to 10% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $1,457, which fluctuated over the years but ultimately rose to $1,598 in 2022, a 9.7% increase. Notably, there was a significant spike in average rent in 2021, reaching $1,735, before slightly decreasing in 2022. This trend suggests that despite fewer renters, demand for rental properties remained strong, possibly due to the area's growing population, which increased from 4,371 in 2013 to 4,866 in 2022.
In 2023 and 2024, the housing market in zip code 32950 continued its upward trajectory. The average home price in 2023 reached $537,903, a 4.7% increase from 2022. In 2024, it further rose to $555,108, representing a 3.2% increase from 2023. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that the average home prices in zip code 32950 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $650,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,900 per month by 2029, driven by ongoing population growth and the area's desirability.
In summary, zip code 32950 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite fewer renters, average rent prices have also trended upwards. The area's growing population and rising property values, coupled with fluctuating interest rates, have shaped these trends. As we move forward, the interplay between interest rates, population growth, and housing supply will likely continue to influence the real estate market in this Florida coastal town.
