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Average Home Values and Ownership in Zip Code 33617: Temple Terrace's Oak-Lined Housing Market
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
Temple Terrace, located in zip code 33617 in Florida, has experienced significant changes in its housing market over the past decade. This area, known for its blend of suburban and urban characteristics, has seen notable shifts in homeownership rates, average home prices, and average rent prices. The ownership percentage in zip code 33617 has fluctuated over the years, showing a general downward trend from 2013 to 2018, followed by a slight recovery. In 2013, the homeownership rate stood at 41%, gradually declining to 36% by 2018. However, by 2022, it had rebounded to 41%. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $85,890, which steadily increased to $159,259 by 2018. As home prices continued to rise, reaching $280,246 in 2022, the ownership rate began to recover, suggesting a complex relationship between home values and ownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 33617. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the area saw a decline in homeownership. This counterintuitive trend might be attributed to other local factors outweighing the benefits of low-interest rates. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate started to stabilize and then increase, possibly due to buyers wanting to secure mortgages before rates climbed higher.
The rental market in zip code 33617 has shown its own distinct patterns. The percentage of renters increased from 59% in 2013 to a peak of 64% in 2018, before slightly decreasing to 59% in 2022. This trend aligns with the average rent prices, which fluctuated but generally increased over time. In 2013, the average rent was $1,063, dipping slightly to $1,013 in 2015, before rising to $1,105 in 2022. The population growth from 44,782 in 2013 to 49,803 in 2022 likely contributed to the increased demand for rentals and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 33617 continued to evolve. The average home price rose to $292,107 in 2023 and further increased to $306,311 in 2024. This represents a significant jump from the 2022 average of $280,246. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33617 may continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are also expected to increase, driven by population growth and the area's desirability. However, the rate of increase may moderate as the market adjusts to economic conditions.
In summary, zip code 33617 has demonstrated resilience in its housing market. Despite fluctuations in homeownership rates, the area has seen consistent growth in average home prices. The rental market has remained strong, with rent prices generally increasing alongside the growing population. The recent sharp rise in interest rates and continued increase in home prices will likely shape the market's dynamics in the coming years, potentially affecting affordability and homeownership rates.
