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Average Home Values and Ownership in Zip Code 33547: A Decade of Growth in Fish Hawk, 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
Fish Hawk, located in zip code 33547 in Florida, is a rapidly growing community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the area's real estate dynamics.
The homeownership rate in Fish Hawk has remained relatively stable, with a slight decrease from 85% in 2013 to 80% in 2022. During this period, average home prices have shown a substantial increase. In 2013, the average home price was $256,782, which rose to $520,484 by 2022, representing a 102.7% increase over nine years. This upward trend in home prices, despite a minor decline in homeownership rates, suggests a strong demand for housing in the area, possibly driven by factors such as population growth and the area's desirability.
Federal interest rates have played a role in shaping homeownership trends in Fish Hawk. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate decreased slightly from 85% to 80%. This period coincided with a steady increase in average home prices, rising from $256,782 in 2013 to $301,403 in 2016. The combination of low interest rates and rising home prices may have created a competitive market for potential buyers.
Renter percentages in Fish Hawk have shown a modest increase, from 15% in 2013 to 20% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,730, which increased to $1,897 by 2021, before decreasing to $1,683 in 2022. The population growth from 20,213 in 2013 to 28,085 in 2022 likely contributed to the increased demand for rental properties, despite the variations in average rent prices.
In 2023, the average home price in Fish Hawk reached $529,401, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $537,842, while interest rates have risen to 5.33%. These figures indicate a continuing upward trend in home prices, even as interest rates have reached their highest levels in over a decade.
Looking ahead, predictive models suggest that the average home prices in Fish Hawk are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, reflecting the area's growing population and sustained demand for housing.
In summary, Fish Hawk has experienced significant growth in average home prices over the past decade, with a slight shift towards more renters. The area's robust population growth and relatively stable homeownership rates, despite rising home prices, indicate a strong and dynamic real estate market. The recent increases in interest rates may influence future trends, potentially moderating the pace of home price appreciation and affecting the balance between homeownership and renting in the coming years.
