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Average Home Values and Ownership in Zip Code 33569: Riverview's Stable 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 33569, located in Riverview, Florida, has experienced significant changes in its housing market over the past decade. This area has maintained a consistently high rate of homeownership, with a slight increase in recent years, while also seeing substantial growth in average home prices and fluctuations in average rent prices.
The homeownership rate in zip code 33569 has remained relatively stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 82%, and by 2022, it had increased to 83%. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $171,252, and by 2022, it had risen dramatically to $408,698, representing a 138% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in this area.
Renter percentages in zip code 33569 have remained relatively stable, with a slight decrease from 18% in 2013 to 17% in 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $1,622, which peaked at $1,630 in 2014 before declining to $1,303 in 2022. This represents a 19.7% decrease in average rent prices from 2013 to 2022. The decrease in rent prices, coupled with a growing population (from 23,799 in 2013 to 26,527 in 2022), suggests an increase in rental supply or changes in local economic conditions affecting the rental market.
In 2023 and 2024, the housing market in zip code 33569 showed signs of stabilization. The average home price in 2023 was $409,730, and in 2024 it slightly increased to $411,850. This represents a modest growth of 0.52% from 2023 to 2024. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying trends.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 33569. Average home prices are likely to continue a moderate upward trajectory, potentially reaching around $450,000 to $475,000 by 2029. However, this growth rate may be tempered by higher interest rates. For average rent prices, we might expect a stabilization or slight increase, potentially reaching $1,400 to $1,500 by 2029, assuming economic conditions remain stable and housing supply keeps pace with population growth.
In summary, zip code 33569 has demonstrated resilience in its housing market, with a consistently high homeownership rate and significant appreciation in home values. The area has experienced some fluctuations in the rental market, with recent trends showing decreasing average rents despite population growth. The coming years may see more moderate growth in both home prices and rents, influenced by broader economic factors such as interest rates and local market conditions.
