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Average Home Values and Ownership in Zip Code 33584: A Decade of Growth in Thonotosassa, 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 33584, located in Thonotosassa, Florida, has experienced significant changes in its housing market over the past decade. This area has seen notable 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 33584 has remained relatively stable, with minor fluctuations between 71% and 75% from 2013 to 2022. Interestingly, this stability in homeownership has occurred alongside a substantial increase in average home prices. In 2013, the average home price was $125,440, which grew steadily to reach $343,516 by 2022, representing a remarkable 173.85% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained high at 73-75%. However, as interest rates began to rise from 2017 onwards, there was a slight dip in homeownership to 71% in 2019, before recovering to 74% in 2022 despite higher interest rates.
Renter percentages in zip code 33584 have shown a slight upward trend, increasing from 25% in 2013 to 26% in 2022, with a peak of 29% in 2019. This trend has been accompanied by a general increase in average rent prices. In 2013, the average rent was $1,101, which rose to $1,152 by 2022, representing a 4.63% increase. It's worth noting that the population of the zip code also grew during this period, from 26,203 in 2013 to 29,085 in 2022, potentially contributing to the increased demand for rental properties.
As of 2024, the average home price in zip code 33584 has reached $360,607, continuing the upward trend observed in previous years. This represents a 5.27% increase from the 2022 average price of $343,516. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 1.68% in 2022, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33584 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 also expected to increase, driven by population growth and the area's consistent demand for housing. However, the rate of increase may be moderated by the availability of new housing units and economic factors.
In summary, zip code 33584 has demonstrated resilience in its housing market, maintaining relatively stable homeownership rates despite significant increases in average home prices. The area has seen steady population growth, rising average rent prices, and a slight increase in the proportion of renters. These trends, combined with the recent surge in interest rates, suggest a dynamic housing market that will likely continue to evolve in response to economic conditions and local demand.
