Palm Coast joins another Florida metro, #2 Punta Gorda, on the top ten list. Six of the ten metros with the lowest ownership rates are in California. None are in Florida.
Palm Coast, FL – March 19, 2014 – The Palm Coast, Florida, metro area has the ninth highest homeownership rate among U.S. metros according to a study by the National Association of Home Builders. Palm Coast joins another Florida metro, #2 Punta Gorda, on the top ten list. Six of the ten metros with the lowest ownership rates are in California. None are in Florida. The NAHB used data from the 2012 American Community Survey.
The homeownership rate is calculated by taking the total number of owner-occupied units divided by the total number of occupied units for a chosen geography. Occupied units can be either rented or owned. Therefore, a high homeownership rate implies a low renter rate.
Palm Coast’s rating is a combination of both its older demographics, more inclined to own, plus the abundance of very affordable housing. The 2014 year-to-date median price for single family homes in Flagler County, as reported by the Flagler County Association of Realtors®, is $151,412.
The NAHB study rated metros in eight categories:
- Number of owner-occupied housing units
- Homeownership rate
- Homeowner vacancy rate
- Share of homes that are single-family detached
- Value of homes owned
- Income of homeowners
- Share of homes recently built