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Average Home Values and Ownership in Zip Code 33647: A Decade of Change in Tampa's Growing Residential Area
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 33647, located in Tampa, Florida, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates and substantial increases in both average home prices and rent prices. The ownership percentage in this zip code has shown variations over the years, with a general downward trend from 2013 to 2020, followed by a slight recovery. In 2013, the homeownership rate stood at 59%, declining to 56% by 2020. However, by 2022, it had rebounded to 59%. This trend correlates with the average home prices in the area. In 2013, the average home price was $217,489, which steadily increased to $305,092 by 2020, representing a 40% increase over seven years. The most dramatic rise occurred between 2020 and 2022, with average home prices surging from $305,092 to $471,580, a remarkable 54.6% increase in just two years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.4%), corresponding with higher homeownership rates of 59-60%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observe a decline in homeownership rates to 56%. This trend aligns with the general economic principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 33647 have shown an inverse relationship to homeownership rates. The renter population increased from 41% in 2013 to 44% in 2020, before decreasing slightly to 41% in 2022. This trend coincides with rising average rent prices. In 2013, the average rent was $1,492, which increased to $1,764 by 2020, an 18.2% rise. By 2022, the average rent had further increased to $1,779, representing a total increase of 19.2% from 2013. The population in this zip code grew from 57,286 in 2013 to 70,168 in 2022, a 22.5% increase, which likely contributed to the demand for rental properties and the subsequent rise in rent prices.
As of 2024, the average home price in zip code 33647 stands at $492,284, a slight increase from the 2023 figure of $482,797. This represents a 4.4% year-over-year increase from 2022 to 2023, followed by a more modest 2% increase from 2023 to 2024. The federal interest rate in 2024 is 5.33%, slightly higher than the 2023 rate of 5.02%, indicating a continued trend of higher borrowing costs for potential homebuyers.
Looking ahead, based on the historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 33647. Assuming a continuation of the current market dynamics, we might expect average home prices to continue rising, albeit at a more moderate pace than the dramatic increases seen in recent years. A conservative estimate might project average home prices reaching around $550,000 to $600,000 by 2029. For average rent prices, the trend suggests continued growth, potentially reaching $2,000 to $2,200 per month by 2029.
In summary, zip code 33647 has experienced significant growth in both population and housing costs over the past decade. The area has seen fluctuations in homeownership rates, with a recent trend towards recovery. Average home prices have shown substantial increases, particularly in recent years, while rent prices have also risen steadily. These trends, coupled with population growth and changes in interest rates, paint a picture of a dynamic and evolving housing market in this Tampa, Florida zip code.
