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Average Home Values and Ownership in Zip Code 33606: Tampa's Dynamic Urban Landscape
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 33606, located in Tampa, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen a notable shift in homeownership rates, accompanied by substantial increases in both average home prices and average rent prices. The ownership percentage in zip code 33606 has shown a fluctuating but generally upward trend from 2013 to 2022. In 2013, the homeownership rate was 41%, which increased to a peak of 49% in 2017. However, it settled at 45% by 2022. During this same period, average home prices in the area saw a dramatic increase. In 2013, the average home price was $343,096, which more than doubled to $822,800 by 2022, representing a 140% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a steady increase in homeownership from 41% to 45%. As interest rates began to rise in 2017, reaching 1%, homeownership peaked at 49%. However, as rates continued to climb to 2.16% in 2019, homeownership declined slightly to 44%. The historically low rates in 2020 and 2021 (0.38% and 0.08% respectively) corresponded with a slight uptick in homeownership to 45%, which held steady through 2022 despite rising rates.
Renter percentages in zip code 33606 have generally decreased from 58% in 2013 to 55% in 2022, inversely mirroring the homeownership trend. Average rent prices, however, have steadily increased. In 2013, the average rent was $1,175, which rose to $1,474 by 2022, a 25.4% increase. This rise in rent prices occurred alongside a population increase from 17,519 in 2013 to 22,268 in 2022, suggesting growing demand for rental properties in the area.
In 2023, the average home price in zip code 33606 reached $852,168, a further 3.6% increase from 2022. This growth continued into 2024, with average home prices rising to $885,420, marking a 3.9% increase from 2023. Notably, federal interest rates also saw significant increases, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 33606 could potentially reach $1,050,000 by 2029, assuming a conservative annual growth rate of 3.5%. Average rent prices might increase to around $1,700 per month by 2029, based on a projected annual growth rate of 3%. However, these projections are subject to various economic factors and market dynamics.
In summary, zip code 33606 has experienced substantial growth in both average home prices and average rent prices over the past decade. Homeownership rates have fluctuated but generally increased, while the area has seen significant population growth. The recent sharp increases in federal interest rates may impact future homeownership trends and property values in this Tampa neighborhood.
