The percentage of renters in zip code 32960 decreased from 47% in 2016 to 40% in 2022. During this period, average rent prices showed some fluctuation but overall increased from $962 in 2016 to $975 in 2022. The population grew from 21,237 in 2016 to 23,390 in 2022, which may have contributed to the upward pressure on rent prices despite the decreasing percentage of renters.

The most recent data shows that the average home price in zip code 32960 reached $289,425 in 2023 and further increased to $294,492 in 2024. This continued appreciation in home values occurs alongside a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability for potential homebuyers, potentially slowing the rate of homeownership growth in the near future.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 32960 will continue to rise, albeit at a more moderate pace. The average home price is projected to reach approximately $325,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially increasing to around $1,200 per month over the next five years.

In summary, zip code 32960 in Vero Beach has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its real estate market, with homeownership rates and home prices increasing even in the face of rising interest rates. However, the recent sharp increase in interest rates may moderate future growth in both homeownership and property values. The rental market, while showing some fluctuations, has remained relatively stable and is expected to see moderate growth in the coming years.