Zip code 33176, located in Kendall, Florida, has experienced significant changes in homeownership and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the changing real estate landscape of this community. The homeownership rate in zip code 33176 has shown a gradual decline from 2013 to 2022. In 2013, the area boasted a 72% homeownership rate, which remained relatively stable until 2019. However, a noticeable shift occurred in 2020, with the ownership rate dropping to 68%. This downward trend continued, reaching 67% by 2022. Concurrently, average home prices in the area have experienced substantial growth. In 2013, the average home price was $221,345, and by 2022, it had more than doubled to $519,448, representing a 134.7% increase over this period.

The relationship between federal interest rates and homeownership rates in this zip code reveals an interesting pattern. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained steady at 72%. As interest rates began to rise gradually from 2016 to 2019 (0.4% to 2.16%), homeownership rates initially held steady but then started to decline slightly. The most significant drop in homeownership occurred in 2020 when interest rates plummeted to 0.38% due to the pandemic, contrary to the typical expectation that lower rates would encourage homeownership. This suggests that other factors, such as economic uncertainty or rapidly increasing home prices, may have outweighed the potential benefits of low interest rates during this period.

The renter population in zip code 33176 has seen a corresponding increase as homeownership rates declined. In 2013, 26% of the population were renters, and this percentage steadily rose to 33% by 2022. Average rent prices have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $1,304, which increased to $1,802 by 2022, representing a 38.2% increase. It's worth noting that the population of the zip code has remained relatively stable during this period, with only minor fluctuations, suggesting that the shift from ownership to renting is primarily driven by existing residents rather than an influx of new renters.