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Average Home Values and Ownership in Zip Code 33476: A Decade of Change in Pahokee, 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 33476, located in Pahokee, Florida, has experienced significant fluctuations in population and housing dynamics over the past decade. This area, known for its proximity to Lake Okeechobee, has seen a general trend of decreasing homeownership and increasing rental occupancy, coupled with rising average home prices and rent costs.
The homeownership rate in zip code 33476 has shown a notable decline from 2013 to 2020, dropping from 44% to 36%. Conversely, the average home prices have demonstrated a substantial increase during this period. In 2013, the average home price was $60,375, which rose dramatically to $127,702 by 2020, representing a 111% increase. This inverse relationship suggests that as home prices climbed, fewer residents were able to afford homeownership, leading to a shift towards renting.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained relatively low, hovering around 0.1% to 0.4%. During this period, homeownership rates in the area remained relatively stable, ranging from 41% to 46%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a corresponding decline in homeownership rates from 40% in 2017 to 33% in 2019.
The renter percentage in zip code 33476 has shown a general upward trend, increasing from 48% in 2013 to 64% in 2020. This rise in rentership coincides with an increase in average rent prices. In 2013, the average rent was $497, which grew to $688 by 2020, marking a 38% increase. The population during this period fluctuated but showed an overall decline from 5,568 in 2013 to 5,068 in 2020, which may have contributed to the increased demand for rental properties as homeownership became less attainable for many residents.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, with values reaching $202,192 in 2023 and $205,516 in 2024. This represents a significant 35% increase from 2022 to 2023, followed by a more modest 1.6% growth from 2023 to 2024. Notably, federal interest rates have also risen substantially during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33476 will continue to rise over the next five years, albeit at a potentially slower rate than seen in recent years. Average rent prices are also expected to increase, driven by the ongoing demand for rental properties. These projections are based on historical trends and current market conditions.
In summary, zip code 33476 has experienced a significant shift from homeownership to rentership over the past decade, driven by rising home prices and changing economic conditions. The area has seen substantial increases in both average home values and rent prices, with recent data showing continued growth. As the community adapts to these changes, it will be crucial to monitor how these trends impact the local housing market and community demographics in the coming years.
