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Average Home Values and Ownership in Zip Code 33612: A Decade of Quadrupling Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33612, located in Tampa, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a shift in homeownership rates and substantial increases in both average home prices and average rent prices, reflecting broader trends in the Tampa real estate market.
The homeownership rate in zip code 33612 has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate was 40%, but it decreased to 35% by 2019. However, there has been a slight uptick in recent years, with the rate reaching 37% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $68,109, and as prices steadily increased, reaching $272,039 in 2022, the homeownership rate initially declined but has started to recover slightly in recent years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were near historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable around 36-38%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate initially dipped but then showed signs of recovery, possibly indicating other factors at play in the local market.
Renter percentages in zip code 33612 have generally increased over the years, from 60% in 2013 to 63% in 2022. This trend has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $908, and it increased to $1,038 by 2022, representing a 14.3% increase over this period. The population in the zip code has also grown from 47,040 in 2013 to 52,793 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the average home prices in zip code 33612 continued to rise, reaching $282,601 in 2023 and $296,566 in 2024. This represents a 3.8% increase from 2022 to 2023 and a further 4.9% increase from 2023 to 2024. Interestingly, federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 33612 to continue their upward trajectory, potentially reaching around $350,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,200 per month within the same timeframe. These predictions are based on the historical trends and assume relatively stable economic conditions.
In summary, zip code 33612 has experienced a gradual shift towards a higher percentage of renters, accompanied by significant increases in both average home prices and average rent prices. Despite rising interest rates, the homeownership rate has shown signs of recovery in recent years. The continued population growth and increasing property values suggest that this area of Tampa remains an attractive location for both residents and investors.
