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Average Home Values and Ownership in Zip Code 33175: A Decade of Change in Tamiami, Florida
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 33175, located in Tamiami, Florida, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this community. The homeownership rate in zip code 33175 has shown a gradual decline from 80% in 2013 to 76% in 2022. During this same period, average home prices have experienced substantial growth, rising from $206,730 in 2013 to $516,024 in 2022, representing a remarkable 149.6% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 33175. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable at around 77-80%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined slightly to 76%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 33175 has increased from 19% in 2013 to 24% in 2022, correlating with the rise in average rent prices. Average rent prices have shown steady growth, increasing from $1,636 in 2013 to $1,856 in 2022, a 13.4% rise. The population in the area has fluctuated over the years, peaking at 56,230 in 2018 before declining to 50,976 in 2022. Despite the population decrease, the rise in both renter percentage and average rent prices suggests a growing demand for rental properties in the area.
In 2023, the average home price in zip code 33175 reached $568,316, and in 2024, it further increased to $610,128. This represents a significant 18.2% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and average rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $750,000 by 2029. Average rent prices are likely to follow suit, possibly exceeding $2,100 per month within the same timeframe. However, these projections may be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 33175 has experienced a shift towards a more rental-oriented market, with decreasing homeownership rates and increasing average home and rent prices. The interplay between federal interest rates, property values, and demographic changes has shaped a dynamic real estate landscape in this Florida community. As the area continues to evolve, these trends will likely play a crucial role in determining the future of housing in zip code 33175.
