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Zip Code 34769: Rising Home Values and Ownership Trends in St. Cloud, 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 34769, located in St. Cloud, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend of increasing homeownership and rising average home prices, with some fluctuations in recent years.
The ownership percentage in this zip code has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 67%, which increased to 72% by 2019, representing the peak of homeownership in the observed period. This trend coincided with a substantial increase in average home prices. In 2013, the average home price was $97,331, which more than tripled to $302,817 by 2022. This significant appreciation in home values likely contributed to the increase in homeownership, as residents may have been motivated to buy homes as investments.
Federal interest rates have played a crucial role in homeownership trends. From 2013 to 2016, interest rates remained extremely low, ranging from 0.11% to 0.40%. During this period, homeownership increased from 67% to 70%, likely due to more affordable financing options. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to increase, reaching 72% in 2019. This suggests that other factors, such as local economic conditions or housing market dynamics, may have outweighed the impact of rising interest rates during this time.
The renter percentage in zip code 34769 has generally decreased as homeownership increased. In 2013, 33% of residents were renters, which declined to 28% by 2019. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,139, which decreased to $1,081 in 2015 before rising again to $1,163 in 2016. By 2022, the average rent had decreased to $1,026. This fluctuation in rent prices, coupled with the area's growing population (from 22,190 in 2013 to 27,342 in 2022), suggests a complex rental market influenced by various factors such as housing supply, local economic conditions, and demographic shifts.
In 2023 and 2024, average home prices in zip code 34769 continued to rise, reaching $318,266 in 2023 and $328,640 in 2024. This represents a 5.1% increase from 2022 to 2023 and a further 3.3% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 34769. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $380,000 to $400,000 by 2029. For rent prices, given their recent volatility and the area's growing population, we could see a moderate increase, potentially reaching an average of $1,200 to $1,300 per month by 2029.
In summary, zip code 34769 has demonstrated a strong trend towards increased homeownership and significantly appreciated home values over the past decade. While rent prices have fluctuated, they have remained relatively stable compared to the substantial growth in home prices. The interplay between federal interest rates, local economic factors, and population growth has shaped these trends, creating a dynamic housing market in this Florida community.
