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Average Home Values and Ownership in Zip Code 33147: Significant Growth Amid Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Little River, located in zip code 33147 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a dynamic shift in its real estate landscape, with fluctuations in both ownership percentages and average home values.
The homeownership rate in zip code 33147 has shown notable fluctuations between 2013 and 2022. In 2013, the area had a 52% homeownership rate, which decreased to 46% by 2020, before rebounding to 51% in 2022. Concurrently, average home prices have experienced a substantial increase. In 2013, the average home price was $73,061, which rose dramatically to $343,581 by 2022, representing a 370% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates in the area decreased from 52% to 48%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed signs of recovery, increasing to 51% by 2022. This trend suggests that other local factors may have had a stronger influence on homeownership than interest rates alone in this zip code.
Renter percentages and average rent prices have also shown interesting trends. The percentage of renters increased from 48% in 2013 to a peak of 54% in 2020, before decreasing slightly to 49% in 2022. Average rent prices have generally increased over this period, rising from $1,103 in 2013 to $1,178 in 2022, with some fluctuations in between. The population of the area has also grown, from 42,859 in 2013 to 47,110 in 2022, which may have contributed to the overall increase in rental demand and prices.
In 2023 and 2024, the real estate market in zip code 33147 continued its upward trajectory. The average home price reached $378,764 in 2023 and further increased to $412,093 in 2024. This represents a 20% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 33147 may continue to rise over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also likely to increase, potentially surpassing $1,400 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 33147 has experienced significant growth in average home prices, with more moderate increases in average rent prices. Homeownership rates have fluctuated but showed resilience in recent years despite rising interest rates. The area's growing population and the overall upward trend in housing values suggest a dynamic and potentially competitive real estate market in the coming years.
