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Average Home Values and Ownership in Zip Code 33619: A Decade of Significant Changes
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 33619, located in Palm River-Clair Mel, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a dynamic shift in its real estate landscape, with notable trends in both ownership and rental markets.
From 2013 to 2022, the homeownership rate in zip code 33619 fluctuated but ultimately showed an overall increase. In 2013, the homeownership rate was 50%, which decreased to 45% in 2018 before rising again to 51% in 2022. This trend coincided with substantial growth in average home prices. In 2013, the average home price was $63,852, which steadily increased to $264,466 by 2022, representing a 314% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates actually decreased from 50% to 45%. However, as interest rates began to rise from 2017 to 2022 (1% to 1.68%), homeownership rates rebounded, reaching 51% by 2022. This suggests that other local factors may have had a more significant influence on homeownership than national interest rates in this particular area.
Renter percentages and average rent prices also displayed notable trends. The percentage of renters increased from 50% in 2013 to a peak of 55% in 2018, before decreasing to 49% in 2022. Average rent prices showed a general upward trend, rising from $1,030 in 2013 to $1,120 in 2022, an increase of about 8.7%. The population growth from 36,844 in 2013 to 42,240 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
Looking at the most recent data, the average home price in zip code 33619 reached $276,684 in 2023 and further increased to $287,796 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and average rent prices in zip code 33619. Based on the historical data and current market conditions, average home prices are projected to maintain their upward trajectory, potentially reaching around $350,000 to $400,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching $1,300 to $1,400 per month in the same timeframe.
In summary, zip code 33619 has demonstrated resilience in its housing market, with increasing homeownership rates despite fluctuations in federal interest rates. The area has experienced substantial growth in average home prices, reflecting strong demand and appreciation in property values. While rental rates have shown more modest increases, the overall trend suggests a dynamic and evolving real estate market in this Florida community.
