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Average Home Values and Ownership in Zip Code 33585: Wildwood's Rapid Growth Story
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 33585, located in Wildwood, 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 the dynamic nature of its real estate landscape. The homeownership rate in zip code 33585 has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate was 85%, which dipped to 74% in 2018 before rebounding to 85% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2012, the average home price was $110,561, which steadily increased to $314,638 by 2022, representing a remarkable 184% increase over a decade. The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite the federal interest rate rising from 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained stable at 85%. This suggests that other factors, such as local economic conditions or housing supply, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages and average rent prices in zip code 33585 have shown interesting trends. The percentage of renters decreased from 26% in 2018 to 15% in 2022. Concurrently, average rent prices experienced significant fluctuations. In 2013, the average rent was $826, which decreased to $732 in 2014. However, by 2021, it had surged to $1,340, before slightly decreasing to $1,074 in 2022. This substantial increase in rent prices, particularly from 2020 to 2021, coincides with a significant population growth from 2,528 in 2020 to 4,441 in 2022, potentially indicating increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 33585 continued to evolve. The average home price in 2023 was $322,221, showing a 2.4% increase from 2022. In 2024, it further increased to $325,639, representing a modest 1% growth from the previous year. Notably, the federal interest rate rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in zip code 33585, albeit at a potentially slower rate than seen in previous years. The average home price could reach approximately $350,000 by 2029. Average rent prices may also continue to rise, potentially reaching around $1,300 per month in the next five years, driven by population growth and housing demand.
In summary, zip code 33585 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has seen substantial population growth, which has likely contributed to the significant increases in both home prices and rent. Despite rising interest rates, the housing market has remained strong, suggesting a resilient local economy and sustained demand for housing in this Florida city.
