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Average Home Values and Ownership in Zip Code 33764: A Decade of Growth in Clearwater's Gulf Coast 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
Zip code 33764, located in Clearwater, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home and rent prices, reflecting the dynamic nature of its housing market. The homeownership rate in zip code 33764 has shown a gradual increase from 66% in 2015 to 70% in 2022. This upward trend in homeownership coincided with a substantial rise in average home prices. In 2015, the average home price was $180,140, which more than doubled to $381,905 by 2022. This remarkable 112% increase in average home prices over seven years demonstrates the area's growing attractiveness to homeowners and investors alike.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates between 2015 (0.13%) and 2021 (0.08%), homeownership rates only increased modestly from 66% to 70%. This suggests that while low interest rates may have contributed to the ability of some residents to purchase homes, other factors such as rising home prices may have offset this effect to some degree.
Renter percentages in zip code 33764 have conversely decreased from 34% in 2015 to 30% in 2022. During this period, average rent prices showed a general upward trend, increasing from $1,113 in 2015 to $1,251 in 2022, a 12.4% rise. This increase in rent prices, while significant, was not as dramatic as the increase in home prices. The population growth from 29,027 in 2015 to 30,873 in 2022 may have contributed to the upward pressure on both home prices and rents.
Looking at the most recent data, the average home price in zip code 33764 reached $393,071 in 2023 and further increased to $403,701 in 2024. This continued appreciation indicates a robust housing market in the area. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33764 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $450,000 to $500,000, assuming a moderated growth rate of 2-4% annually. For rent prices, we expect a continued upward trend, potentially reaching an average of $1,400 to $1,500 per month by 2029, based on historical increases and accounting for inflation.
In summary, zip code 33764 has demonstrated a strong housing market with increasing homeownership rates and substantial growth in average home prices. The area has seen a modest increase in average rent prices, while the renter population has slightly decreased. The recent sharp rise in interest rates may influence future market dynamics, potentially moderating the rapid home price appreciation observed in recent years. However, the overall trend suggests continued growth in both the ownership and rental markets of this Clearwater, Florida zip code.
