32193, Welaka, FL

The 32193 zip code of Welaka, FL has a median home value of $111,000 and a median home equity value of $101,000. This is lower than the Florida statewide median home value of $217,500 and the national median home value of $177,200. The 32193 zip code also has a lower than average rate of homeownership at 63%.

The main drivers of the home equity and home prices in the 32193 zip code are likely the local economy and demographics. The Welaka economy is based largely on agriculture and tourism. As a result, there is significant seasonal variation in income which can impact both home values and homeowner equity. Additionally, Welaka has a high population density which may limit available land for development and drive up housing prices. Finally, Welaka is located in Brevard County which has one of the highest rates of population growth in Florida. This increase in demand for housing will likely drive up prices over time.

Despite these factors, there are some mitigating factors that could impact the long-term trends in home values and homeowner equity in the 32193 zip code. For example, if there were to be an economic downturn that impacted agricultural production or tourism revenues then this could have negative impacts on both property values and homeowner equity. Additionally, if more people moved into Welaka due to job opportunities then this would also drive up housing prices as well as homeowner equity levels. However, it is difficult to predict future trends with certainty so it is important to keep track of changes over time to get a better understanding of how these factors are impacting homeownership rates and home values within the 32193 zip code