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Zip Code 34472: Average Home Values and Ownership Trends in Silver Springs Shores, 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 34472, located in Silver Springs Shores, Florida, presents an intriguing case study of homeownership and housing market dynamics. This area has experienced notable fluctuations in ownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 34472 has shown resilience, with some fluctuations over the years. In 2013, the ownership rate stood at 76%, and after a period of decline, it rebounded to 77% in 2021. This trend has coincided with a significant increase in average home prices. In 2013, the average home price was $73,508, which steadily rose to $228,637 by 2022, representing a remarkable 211% increase over this period. The most substantial year-over-year growth occurred between 2021 and 2022, with a 30.2% jump from $175,589 to $228,637.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 34472. The period of historically low interest rates from 2013 to 2021, where rates remained below 1% for several years, coincided with the area's robust home price appreciation. This low-interest environment likely contributed to maintaining relatively high homeownership rates, even as prices increased. For instance, despite the average home price rising to $147,279 in 2020, the homeownership rate actually increased to 75% that year, up from 71% in 2019, possibly influenced by the near-zero interest rate of 0.38%.
Renter percentages in zip code 34472 have shown an inverse relationship to homeownership rates, naturally. The renter-occupied percentage reached its peak at 29% in 2019, corresponding with a dip in homeownership to 71%. Interestingly, average rent prices have steadily increased despite fluctuations in the renter population. In 2013, the average rent was $990, which grew to $1,092 by 2021, an increase of 10.3%. However, there was a slight decrease to $1,039 in 2022, possibly reflecting changing market conditions or increased housing supply.
In 2023 and 2024, the housing market in zip code 34472 continued its upward trajectory, albeit at a slower pace. The average home price reached $240,430 in 2023 and further increased to $242,539 in 2024, representing a modest 5.2% and 0.9% year-over-year growth, respectively. This slowdown in price appreciation coincides with a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially cooling the market and affecting affordability.
Looking ahead, predictive models suggest a continuation of the upward trend in both average home and rent prices for zip code 34472 over the next five years, albeit at a more moderate pace. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $280,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially rising to about $1,200 per month by 2029, assuming consistent economic conditions and housing demand in the area.
In summary, zip code 34472 has demonstrated a robust housing market with resilient homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, homeownership, and housing prices has been evident, with low-interest periods corresponding to maintained high ownership rates even as prices appreciated. The rental market has shown steady growth in prices, reflecting the area's overall attractiveness and economic stability. As the market adjusts to higher interest rates, a more moderate growth pattern is anticipated for both home prices and rents in the coming years.
