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Average Home Values and Ownership in Zip Code 33331: A Study of Southwest Ranches' Resilient Housing 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 33331, located in Southwest Ranches, Florida, has experienced significant changes in homeownership, average home prices, and average rent prices over the past decade. This area has maintained a high rate of homeownership, with a slight increase from 80% in 2013 to 84% in 2022, while average home prices have more than doubled during the same period.
The relationship between homeownership rates and average home prices in this zip code shows a positive correlation. As average home prices increased from $330,997 in 2010 to $761,472 in 2022, the percentage of owner-occupied homes rose from 80% in 2013 to 84% in 2022. This trend suggests that rising property values have not deterred homeownership in the area, possibly indicating a strong local economy and desirable living conditions.
Federal interest rates have played a role in homeownership trends in zip code 33331. The period of low interest rates from 2010 to 2021, ranging from 0.08% to 0.4%, coincided with the increase in homeownership rates. This aligns with the well-established trend that lower interest rates generally encourage homeownership due to more affordable financing options. The slight dip in homeownership from 86% in 2019 to 83% in 2020 may be attributed to economic uncertainties during that time.
Renter percentages in zip code 33331 have remained relatively low, decreasing from 20% in 2013 to 16% in 2022. Despite this decline, average rent prices have shown a significant increase, rising from $2,009 in 2013 to $2,392 in 2022. This upward trend in rent prices, despite a decreasing renter population, could be attributed to the overall increase in property values and the desirability of the area. The population growth from 24,254 in 2013 to 26,473 in 2022 may have also contributed to the demand for rental properties, supporting higher rent prices.
In 2023 and 2024, average home prices in zip code 33331 continued to rise, reaching $808,124 in 2023 and $851,588 in 2024. This represents a 5.4% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33331 will continue to rise over the next five years, potentially reaching around $1 million by 2029. Average rent prices are also expected to increase, potentially surpassing $2,800 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 33331 has demonstrated strong homeownership rates and substantial growth in both average home prices and average rent prices over the past decade. The area has maintained its appeal to homeowners despite rising property values, possibly due to its desirable location and local economic factors. The recent increases in federal interest rates may influence future homeownership trends, but the consistent growth in property values suggests a robust and attractive real estate market in this Florida community.
