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Average Home Values and Ownership in Zip Code 33613: A Decade of Change in Lake Magdalene, 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 33613, located in Lake Magdalene, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates, coupled with substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 33613 has shown a gradual decline from 2013 to 2022. In 2013, 32% of residents were homeowners, but by 2022, this figure had decreased to 30%. This 2% drop in homeownership coincided with a remarkable increase in average home prices. In 2013, the average home price was $101,864, which more than tripled to $321,765 by 2022, representing a 215% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area presents an interesting dynamic. Despite historically low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates continued to decline. This suggests that other factors, such as rapidly rising home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in this zip code.
Conversely, the percentage of renters in zip code 33613 increased from 67% in 2013 to 70% in 2022. This rise in the renter population coincided with fluctuations in average rent prices. The average rent rose from $1,013 in 2013 to $1,100 in 2021, before slightly decreasing to $1,052 in 2022. The population growth from 32,008 in 2013 to 37,746 in 2022 likely contributed to the increased demand for rental properties, supporting the upward trend in both renter percentage and average rent prices.
Looking at the most recent data, the average home price in zip code 33613 continued its upward trajectory, reaching $334,368 in 2023 and further increasing to $347,219 in 2024. This represents a 7.9% increase from 2022 to 2024. Simultaneously, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33613 will continue to rise, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 33613 has experienced a shift towards a renter-majority population, with homeownership rates declining despite periods of low interest rates. The area has seen substantial growth in average home prices, more than tripling over a decade. Rent prices have also increased, though not as dramatically as home prices. The continuation of these trends, coupled with recent interest rate hikes, suggests that the housing market in this zip code may continue to favor rentals over homeownership in the near future.
