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Zip Code 34465: Rising Home Values and Ownership in Pine Ridge, 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 34465, located in Pine Ridge, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has maintained a high rate of owner-occupied housing, with a slight increase in recent years, while average home prices have shown substantial growth. The homeownership rate in zip code 34465 has remained relatively stable, with a slight upward trend. In 2013, 76% of housing units were owner-occupied, and by 2022, this figure had increased to 79%. During this same period, average home prices in the area saw remarkable growth. In 2013, the average home price was $79,759, and by 2022, it had risen dramatically to $230,373, representing a 189% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in the area remained steady at around 74-75%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), homeownership rates also increased slightly to 76%. This trend continued through 2022, with homeownership reaching 79% despite rising interest rates, suggesting other factors were influencing homeownership in this area.
Renter percentages in zip code 34465 have remained relatively stable, fluctuating between 21% and 24% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $941, which decreased to $850 in 2016 before rising again to $954 in 2018. By 2022, the average rent had decreased slightly to $900. The population of the area grew from 14,121 in 2013 to 17,146 in 2022, which may have contributed to the overall stability in renter percentages despite fluctuations in rent prices.
In 2023, the average home price in zip code 34465 reached $242,288, representing a further 5.2% increase from 2022. This growth continued into 2024, with the average home price rising slightly to $243,167. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in the area have continued to appreciate, albeit at a slower pace than in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 34465 may continue to increase over the next five years, but at a more moderate rate compared to the rapid growth seen in the past decade. Average rent prices are also expected to rise gradually, potentially reflecting ongoing population growth and demand for housing in the area.
In summary, zip code 34465 has demonstrated strong homeownership rates and substantial home price appreciation over the past decade. Despite rising interest rates, the area has maintained high levels of owner-occupied housing. The rental market has remained relatively stable, with modest fluctuations in average rent prices. As the area continues to grow, both home prices and rent rates are expected to increase, though likely at a more moderate pace than in recent years.
