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Average Home Values and Ownership in Zip Code 33019: A Coastal Hollywood Neighborhood's Resilient Real Estate Market
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 33019, located in Hollywood, Florida, is a coastal area known for its beautiful beaches and vibrant community. This zip code has seen significant fluctuations in homeownership rates and property values over the past decade. The ownership percentage has shown an overall increase, while average home prices have experienced substantial growth. Average rent prices have also risen, albeit at a more moderate pace.
The homeownership rate in zip code 33019 has shown a notable upward trend, increasing from 69% in 2013 to 76% in 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $309,103, and by 2022, it had risen to $540,684, representing a 75% increase over this period. The most substantial year-over-year increase occurred between 2021 and 2022, with average home prices jumping from $433,554 to $540,684, a 24.7% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in zip code 33019. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership in the zip code increased from 69% to 75%. As interest rates began to rise more significantly from 2017 onwards, the homeownership rate stabilized around 75-76%. This suggests that while low interest rates initially encouraged homeownership, other factors, such as the rapidly appreciating home values, may have counterbalanced the effect of rising interest rates on homeownership rates in recent years.
The renter percentage in zip code 33019 has inversely mirrored the homeownership trend, decreasing from 31% in 2014 to 24% in 2022. Despite this decline in the proportion of renters, average rent prices have generally increased. The average rent rose from $1,473 in 2013 to $1,736 in 2022, an 18% increase. However, there were some fluctuations, with a notable dip in 2017 when the average rent decreased to $1,432 before rebounding in subsequent years. The population in the zip code has also fluctuated, peaking at 14,489 in 2015 and decreasing to 12,885 by 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 33019 reached $571,351 in 2023 and further increased to $574,494 in 2024. This represents a continued upward trend in property values, albeit at a slower pace compared to the significant jump seen between 2021 and 2022. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33019 will continue to rise, albeit at a more moderate pace than seen in recent years. The current high interest rate environment may somewhat temper demand, but the desirable coastal location and limited supply of housing could sustain upward pressure on prices. Average rent prices are also expected to increase over the next five years, driven by the area's attractiveness and the potential shift of some would-be buyers to the rental market due to high home prices and interest rates.
In summary, zip code 33019 has experienced a significant increase in homeownership rates and average home prices over the past decade, with the most dramatic rise occurring between 2021 and 2022. The rental market has seen more moderate growth in prices despite a decreasing proportion of renters. Recent data shows continued appreciation in home values, albeit at a slower pace, while federal interest rates have risen sharply. These trends suggest a dynamic real estate market in this Hollywood zip code, with potential for continued growth in both home values and rental prices in the coming years.
