Loading Content...
Average Home Values and Ownership in Zip Code 33592: Resilient Housing Market in Thonotosassa, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33592, located in Thonotosassa, Florida, presents an intriguing case study of housing market dynamics. This area has experienced significant fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 33592 has shown notable variability, ranging from a low of 62% in 2019 to a high of 69% in 2022. This trend has coincided with substantial changes in average home prices. In 2013, the average home price was $146,742, which steadily increased to $379,840 by 2022, representing a remarkable 159% increase over nine years. The relationship between homeownership rates and average home prices appears complex, with no clear linear correlation. For instance, despite the significant rise in home prices, the homeownership rate actually increased from 62% to 69% between 2019 and 2022.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which coincided with relatively stable homeownership rates between 63% and 68%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), there was a noticeable dip in homeownership to 62% in 2019. However, the subsequent drop in interest rates to 0.08% in 2021 corresponded with a rebound in homeownership to 66%, suggesting that lower rates indeed encouraged home buying in this area.
Renter percentages and average rent prices in zip code 33592 have also shown interesting trends. The renter-occupied percentage fluctuated between 31% and 38% from 2013 to 2022. Notably, the highest renter percentage of 38% was observed in 2019, coinciding with the lowest homeownership rate. Average rent prices have remained relatively stable, with some fluctuations. In 2013, the average rent was $1,084, which decreased slightly to $992 by 2022. This relative stability in rent prices, despite increasing home values, may have contributed to the varying renter percentages over the years.
Looking at the most recent data, the average home price in zip code 33592 reached $394,480 in 2023 and further increased to $408,767 in 2024. This represents a continued upward trajectory in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers in the area, potentially impacting future homeownership rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33592 will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $450,000 to $500,000 by 2029. Average rent prices are expected to increase moderately, potentially reaching $1,100 to $1,200 per month in the same timeframe, as demand for rental properties may increase if homeownership becomes less affordable.
In summary, zip code 33592 has demonstrated resilience in its housing market, with increasing home values and fluctuating but generally stable homeownership rates. The interplay between federal interest rates, home prices, and renter percentages highlights the complex dynamics of the local real estate market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.
