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Average Home Values and Ownership in Zip Code 33436: A Decade of Growth in Boynton Beach
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 33436, located in Boynton Beach, 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 homeownership rate in zip code 33436 has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 75%, which gradually decreased to 71% by 2017. However, it rebounded to 74% in 2022. This trend coincides with changes in average home prices, which have seen substantial growth. The average home price in 2013 was $163,204, and it steadily increased to $406,912 by 2022, representing a remarkable 149% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained historically low, ranging from 0.11% to 0.40%. During this period, homeownership rates in zip code 33436 experienced a slight decline from 75% to 72%. As interest rates began to rise from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized around 71-73%. The dramatic drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a slight increase in homeownership to 73%, likely due to more affordable financing options.
Renter percentages in zip code 33436 have shown a modest increase from 24% in 2013 to 26% in 2022, with a peak of 27% in 2017, 2019, and 2020-2021. Average rent prices have also experienced an upward trend, rising from $1,566 in 2013 to $1,629 in 2022, representing a 4% increase. The population growth from 41,630 in 2013 to 48,491 in 2022 (a 16.5% increase) likely contributed to the upward pressure on both rental occupancy and prices.
In 2023 and 2024, the real estate market in zip code 33436 continued to evolve. The average home price reached $429,484 in 2023 and further increased to $439,576 in 2024, showing a continued upward trajectory. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices for zip code 33436 over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $500,000 by 2029. Average rent prices are likely to follow a similar pattern, possibly increasing to approximately $1,800 per month in the same timeframe.
In summary, zip code 33436 has demonstrated resilience in its real estate market, with a slight shift towards renting but maintaining a strong homeownership base. The area has seen substantial appreciation in home values and moderate increases in rent prices, aligning with population growth and broader economic trends. The interplay between federal interest rates, homeownership rates, and property values continues to shape the local real estate landscape, pointing towards a dynamic and potentially lucrative market in the coming years.
