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Zip Code 34471: Stable Homeownership Amidst Rising Home Values in Ocala's Horse Country
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 34471, located in Ocala, Florida, has experienced notable shifts in homeownership rates and property values over the past decade. This area, known for its equestrian heritage and natural springs, has seen fluctuations in its real estate market that reflect broader economic trends and local dynamics.
The homeownership rate in zip code 34471 has remained relatively stable, hovering around 60% throughout the analyzed period. In 2013, the area had a 61% homeownership rate, which dipped slightly to 58% in 2019 before rebounding to 60% in 2022. Interestingly, this stability in homeownership has occurred against a backdrop of rapidly rising average home prices. The average home price in the area has more than doubled from $143,122 in 2010 to $302,104 in 2022, representing a significant 111% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 59% to 62%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the homeownership rate slightly decreased to 60% in 2022 as interest rates began to rise to 1.68%.
Renter percentages in zip code 34471 have mirrored the homeownership trends, naturally fluctuating between 38% and 42% from 2013 to 2022. The average rent prices have shown a general upward trend, increasing from $1,044 in 2013 to $1,060 in 2022, with some fluctuations in between. Notably, the highest average rent of $1,164 was recorded in 2021, coinciding with the lowest homeownership rate of that period. The population in the zip code has also grown from 24,335 in 2013 to 26,961 in 2022, which may have contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, the average home prices in zip code 34471 continued their upward trajectory, reaching $316,777 and $321,978 respectively. This represents a 4.9% increase from 2022 to 2023 and a further 1.6% increase from 2023 to 2024. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or other factors supporting home values in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 34471 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might place average home prices around $350,000 to $375,000 by 2029. Average rent prices could also see modest increases, potentially reaching $1,200 to $1,300 per month in the same timeframe, assuming continued population growth and demand for rental properties.
In summary, zip code 34471 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has seen substantial property value appreciation, with average home prices more than doubling since 2010. While renter percentages and average rent prices have shown some fluctuations, they have generally followed an upward trend. The recent years' data, including the sharp rise in interest rates, suggests that local factors are playing a strong role in maintaining the area's real estate market strength.
