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Average Home Values and Ownership in Zip Code 33304: A Resilient Fort Lauderdale 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 33304, located in Fort Lauderdale, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 33304 has shown a gradual increase over the years, rising from 40% in 2014 to 46% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2010, the average home price in this area was $251,899, and by 2022, it had more than doubled to $609,391. This dramatic rise in home values may have influenced the shift towards homeownership, as residents potentially viewed property as an attractive investment opportunity.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 33304. The period from 2010 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable at 40%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding increase in homeownership rates, rising to 46%. This trend suggests that residents may have been motivated to purchase homes before interest rates climbed further, locking in lower mortgage rates while they were still available.
The renter percentage in zip code 33304 has seen a slight decrease, from 60% in 2014 to 54% in 2022. This decline in the renter population corresponds with an increase in average rent prices. In 2013, the average rent was $1,187, and by 2022, it had risen to $1,569, representing a 32% increase over nine years. The population of the zip code has also grown during this period, from 17,258 in 2010 to 19,510 in 2022, which may have contributed to the upward pressure on rent prices due to increased demand for housing.
Looking at the most recent data, the average home price in zip code 33304 reached $651,184 in 2023 and further increased to $668,552 in 2024. This represents a 9.7% increase from 2022 to 2024, indicating a continued strong housing market in the area. Interestingly, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong underlying demand for housing in this zip code.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33304 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Based on historical data and current market conditions, we project that average home prices could reach approximately $750,000 to $800,000 by 2029. For average rent prices, we expect a continued upward trend, potentially reaching $1,800 to $2,000 per month by 2029, assuming consistent economic growth and demand for rental properties in the area.
In summary, zip code 33304 has demonstrated a robust real estate market with increasing homeownership rates, rapidly appreciating home values, and rising rent prices. The area has shown resilience in the face of changing interest rate environments, with home prices continuing to climb even as rates have increased. The trends suggest a growing preference for homeownership in this zip code, potentially driven by the strong appreciation in property values and the desire to build equity in a high-demand area.
