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Average Home Values and Ownership in Zip Code 33413: A Decade of Growth in Greenacres, 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 33413, located in Greenacres, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, with some fluctuations in recent years.
The ownership percentage in zip code 33413 has shown an overall upward trend, increasing from 62% in 2013 to 66% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $165,218, which steadily climbed to $437,799 by 2022, representing a remarkable 165% increase over this period. The most significant year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $304,544 to $353,548, a 16% rise in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the initial increase in homeownership from 62% to 64%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates remained relatively stable. The sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a notable increase in homeownership, peaking at 68% in 2021.
Renter percentages in zip code 33413 have generally decreased as homeownership rates increased. The renter population dropped from 38% in 2013 to 34% in 2022. Despite this decrease, average rent prices have shown an upward trend. In 2013, the average rent was $1,507, which increased to $1,779 by 2022, a 18% rise. The population growth in the area, from 16,330 in 2013 to 19,717 in 2022, may have contributed to the upward pressure on rent prices despite the decreasing percentage of renters.
In 2023 and 2024, the zip code 33413 has experienced further changes in the housing market. The average home price in 2023 reached $465,088, a 6.2% increase from 2022. In 2024, the average home price further rose to $486,461, representing a 4.6% increase from 2023. Notably, federal interest rates have also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in zip code 33413 are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $550,000 to $600,000 by 2029. Average rent prices are also expected to rise, potentially reaching $2,000 to $2,200 per month in 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 33413 has demonstrated a clear trend of increasing homeownership rates and rising property values over the past decade. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. While homeownership has generally increased, rent prices have also risen, reflecting the overall appreciation of the local real estate market. The recent sharp increase in interest rates may introduce new dynamics to this housing market in the coming years.
