Loading Content...
Zip Code 32966: Rising Home Values and Ownership Rates in West Vero Corridor
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 32966, located in West Vero Corridor, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a steady increase in both population and homeownership, coupled with substantial growth in average home values.
The homeownership rate in zip code 32966 has shown a consistent upward trend, rising from 71% in 2013 to 78% in 2022. This increase in homeownership coincides with a dramatic rise in average home prices. In 2013, the average home price was $133,416, but by 2022, it had surged to $344,230, representing an impressive 158% increase over nine years. This correlation suggests that despite rising prices, more residents were able and willing to purchase homes in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership in the zip code remained relatively stable around 71-72%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership paradoxically increased to 78%. This counterintuitive trend might be attributed to other local factors influencing home buying decisions in this specific area.
The rental market in zip code 32966 has shown an inverse relationship to homeownership trends. As homeownership increased, the percentage of renters decreased from 28% in 2013 to 22% in 2022. Despite this decline in the renter population, average rent prices have generally increased. In 2013, the average rent was $1,179, rising to $1,296 by 2022, an increase of about 10%. This suggests that even with fewer renters, demand for rental properties remained strong enough to support higher rent prices.
Looking at the most recent data, the average home price in zip code 32966 reached $353,732 in 2023 and slightly decreased to $353,570 in 2024. This represents a marginal decline of 0.05%, indicating a potential stabilization in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 32966 will continue to rise, albeit at a more moderate pace. Given the historical growth rate and recent stabilization, we project average home prices could reach approximately $400,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,500 per month by 2029, assuming the current growth rate persists.
In summary, zip code 32966 has demonstrated robust growth in homeownership and property values over the past decade. The area has bucked national trends by increasing homeownership rates even as prices and interest rates rose. The rental market, while shrinking in terms of population percentage, has maintained strong pricing power. These trends point to a desirable and economically vibrant area with a strong preference for homeownership among its residents.
