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Average Home Values and Ownership in Zip Code 33311: A Decade of Dramatic Growth in Fort Lauderdale
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 33311, located in Fort Lauderdale, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 33311 has fluctuated over the years, showing a general downward trend from 2013 to 2018, followed by a slight recovery. In 2013, the homeownership rate was 46%, declining to 40% by 2018. However, it rebounded to 46% by 2022. Simultaneously, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $77,916, rising dramatically to $310,221 by 2022, representing a 298% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates were relatively stable around 43-46%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates dipped to their lowest point of 40% in 2018. The subsequent decrease in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a rebound in homeownership rates to 45% by 2021.
Renter percentages in zip code 33311 have generally mirrored the inverse of homeownership trends, peaking at 60% in 2018 when homeownership was at its lowest. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,193, rising to $1,380 by 2021, an increase of 15.7%. Interestingly, there was a slight dip in average rent to $1,257 in 2022, despite the area's growing population, which increased from 65,145 in 2013 to 74,636 in 2022.
As of 2024, the average home price in zip code 33311 has reached $361,788, continuing the strong upward trend observed in previous years. This represents a 16.6% increase from the 2022 average of $310,221. The federal interest rate as of 2024 stands at 5.33%, significantly higher than the rates seen in the past decade, which could impact future homeownership trends 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 33311 will likely continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices may also continue their upward trajectory, possibly hitting $1,600 per month in the same timeframe. However, these projections could be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 33311 has experienced a significant increase in average home prices over the past decade, with a recent rebound in homeownership rates. Renter percentages have fluctuated inversely to homeownership, while average rent prices have generally increased. The area's growing population and the interplay between federal interest rates and housing market dynamics will likely continue to shape the real estate landscape in this Fort Lauderdale neighborhood in the coming years.
