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Zip Code 34661: Rising Home Values and High Ownership in Nobleton's Small Community
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
Nobleton, located in zip code 34661 in Florida, is a small community with a population of just 32 residents as of 2022. This rural area has experienced relatively stable homeownership rates and gradual increases in average home and rent prices over the past decade.
The ownership percentage in Nobleton has remained consistently high, ranging from 79% to 85% between 2013 and 2022. During this period, average home prices have shown a significant upward trend. In 2017, the average home price was $69,450, which steadily increased to $151,589 by 2022, representing a 118% increase over five years. This substantial growth in home values didn't significantly impact homeownership rates, suggesting a strong preference for homeownership in this community despite rising prices.
Federal interest rates have played a role in homeownership trends, although the impact appears less pronounced in Nobleton due to its consistently high ownership rates. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which may have contributed to maintaining the high homeownership levels. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates in Nobleton remained stable at around 83%, indicating a resilient local housing market.
Renter percentages in Nobleton have fluctuated between 8% and 17% from 2013 to 2022. Average rent prices have shown an overall increasing trend, rising from $666 in 2013 to $786 in 2022, an 18% increase. Notably, there was a peak in average rent at $884 in 2019, followed by a decrease to $775 in 2020, possibly influenced by broader economic factors or changes in the small rental market of this CDP.
In 2023, the average home price in Nobleton reached $158,601, the highest recorded value in the dataset, while federal interest rates increased significantly to 5.02%. Moving into 2024, we see a slight decrease in average home prices to $153,412, with interest rates further rising to 5.33%. This recent trend suggests a potential cooling in the housing market, possibly influenced by the higher interest rates.
Looking ahead, predictive models suggest that average home prices in Nobleton may continue to experience moderate growth over the next five years, albeit at a slower pace than the rapid increases seen from 2017 to 2022. Average rent prices are expected to follow a similar trend, with modest increases likely to continue, reflecting the overall growth in property values and the limited rental market in this small community.
In summary, Nobleton has maintained a consistently high rate of homeownership despite significant increases in average home prices. The community has shown resilience to changes in federal interest rates and housing market fluctuations. While both average home prices and rents have trended upward, the recent slight decrease in home prices coupled with rising interest rates suggests a potential shift in the local housing market dynamics.
