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Average Home Values and Ownership in Zip Code 33573: Sun City Center's Thriving Retirement Real Estate 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
Sun City Center, located in zip code 33573 in Florida, is a vibrant community that has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in zip code 33573 has remained relatively stable, ranging from 77% to 81% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $122,423, which increased to $318,560 by 2022, representing a substantial 160% growth over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the zip code remained high at around 80%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a slight decrease in homeownership to 78%. However, the community maintained a high percentage of owner-occupied homes despite these changes, indicating other factors such as local amenities or demographic preferences may have supported homeownership.
Renter percentages in zip code 33573 have fluctuated between 19% and 23% from 2013 to 2022. Interestingly, average rent prices have shown a general upward trend during this period. In 2013, the average rent was $1,431, which increased to $1,630 by 2022, representing a 13.9% increase. The population of the zip code also grew significantly during this time, from 19,795 in 2013 to 27,598 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 33573 reached $322,246 in 2023 and slightly decreased to $321,634 in 2024. This minor decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to a stabilization in home prices after years of rapid growth.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 33573 will continue to rise, albeit at a more moderate pace. The recent stabilization in prices suggests a potential shift towards a more balanced market. Average rent prices are expected to follow a similar trajectory, with continued growth driven by population increases and demand for housing in the area.
In summary, zip code 33573 has demonstrated a robust real estate market characterized by high homeownership rates and significant appreciation in average home values over the past decade. The community has maintained a strong preference for homeownership despite fluctuations in interest rates and increasing home prices. The rental market has also seen steady growth, reflecting the area's increasing population and desirability. As the market adjusts to higher interest rates, a more moderate growth pattern in both home prices and rents is expected in the coming years.
