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Average Home Values and Ownership in Zip Code 33168: A Decade of Resilience and Growth
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 33168, located in North Miami, Florida, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area has seen a shift from predominantly owner-occupied housing to a more balanced mix of owners and renters, alongside substantial changes in average home and rent prices.
From 2013 to 2022, the zip code 33168 witnessed a notable shift in homeownership rates. In 2013, 80% of housing units were owner-occupied, but this percentage decreased to 76% by 2022. This change coincided with a dramatic increase in average home prices, rising from $100,569 in 2013 to $382,185 in 2022, representing a 280% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates declined from 80% to 72%. This trend contradicts the typical expectation that lower interest rates encourage homeownership. However, from 2020 to 2022, as interest rates rose from 0.38% to 1.68%, homeownership rates increased from 73% to 76%, suggesting that other local factors may have influenced homeownership decisions more strongly than interest rates alone.
The renter population in zip code 33168 increased from 20% in 2013 to 24% in 2022. During this period, average rent prices also rose, from $1,227 in 2013 to $1,389 in 2022, an increase of about 13%. The population in this zip code peaked in 2015 at 28,583 residents and then declined to 22,326 by 2022. This population decrease, coupled with rising rent prices, suggests a tightening rental market despite the overall population decline.
In 2023 and 2024, the housing market in zip code 33168 continued its upward trajectory. The average home price reached $422,303 in 2023 and further increased to $454,075 in 2024. This represents a significant 18.8% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33168 will continue to rise, potentially reaching around $550,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of $1,600 to $1,700 per month by 2029, considering the historical growth rate and local market conditions.
In summary, zip code 33168 has experienced a significant increase in housing prices, a slight decline in homeownership rates, and moderate growth in rental prices over the past decade. The area has shown resilience in maintaining relatively high homeownership rates despite substantial price increases. Future trends suggest continued growth in both home values and rental prices, albeit at potentially different rates, reflecting the dynamic nature of this North Miami neighborhood.
