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Average Home Values and Ownership in Land O' Lakes, Zip Code 34639: A Decade of Growth and Stability
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 34639, located in Land O' Lakes, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has maintained a consistently high rate of homeownership, with a slight fluctuation in recent years, while average home prices and average rent prices have shown notable increases.
The homeownership rate in zip code 34639 has remained relatively stable, ranging from 81% to 85% between 2013 and 2022. In 2013, the homeownership rate was 85%, which slightly decreased to 81% by 2017. However, it rebounded to 83% in 2022. Concurrently, average home prices in the area have shown a substantial upward trend. In 2013, the average home price was $173,493, which steadily increased to $416,330 by 2022, representing a 140% increase over this period. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners, possibly due to its desirable location or community amenities.
The relationship between federal interest rates and homeownership rates in this zip code is not as straightforward as one might expect. While lower interest rates generally encourage homeownership due to more affordable financing options, the data for this area shows a relatively stable homeownership rate despite fluctuating interest rates. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 82%, only slightly lower than the 83% seen in 2022 when interest rates had risen to 1.68%.
Renter percentages in zip code 34639 have shown minor fluctuations, ranging from 15% to 19% between 2013 and 2022. The average rent prices have also experienced changes during this period. In 2013, the average rent was $1,714, which decreased to $1,536 by 2018, before rising again to $1,588 in 2022. This represents a slight overall decrease of 7.4% from 2013 to 2022. The population growth from 26,398 in 2013 to 31,984 in 2022 may have contributed to the demand for rental properties, helping to stabilize rent prices despite the slight overall decrease.
Looking at the most recent data, the average home price in zip code 34639 reached $426,265 in 2023 and further increased to $430,208 in 2024. This represents a continued upward trend in home values. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34639 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $500,000 to $550,000. For average rent prices, we expect a moderate increase over the next five years, potentially reaching around $1,800 to $1,900 per month by 2029, assuming continued population growth and demand for rental properties in the area.
In summary, zip code 34639 has demonstrated resilience in maintaining high homeownership rates despite significant increases in average home prices. The area has experienced substantial population growth, which has likely contributed to the strong housing market. While average rent prices have fluctuated, they have remained relatively stable compared to the growth in home values. The recent sharp increase in interest rates may pose challenges to future homeownership rates and home price growth, but the area's desirability and consistent demand suggest continued stability in the housing market.
