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Average Home Values and Ownership in Zip Code 33776: A Decade of Growth in Seminole, 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 33776 in Seminole, Florida, has witnessed significant changes in homeownership rates and property values over the past decade. This area has experienced a strong trend towards increased homeownership, accompanied by a substantial rise in average home prices and fluctuations in average rent prices.
From 2013 to 2022, the percentage of owner-occupied housing in zip code 33776 increased steadily from 86% to 91%. During this same period, average home prices saw a substantial rise. In 2013, the average home price was $208,017, which more than doubled to $493,172 by 2022. This correlation suggests that as homeownership became more prevalent, property values in the area appreciated significantly.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite fluctuations in interest rates, the area maintained a strong trend towards increased homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership remained stable at 91%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership trends in this area than national interest rates.
Conversely, the percentage of renters in zip code 33776 decreased from 14% in 2013 to 9% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,556, which increased to $1,675 by 2022. The peak average rent was observed in 2015 at $1,774. These trends suggest that even as the proportion of renters decreased, demand for rental properties remained strong enough to support rising rent prices.
Looking at the most recent data, the average home price in zip code 33776 continued to rise in 2023, reaching $513,092. In 2024, it further increased to $527,991. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, home prices in the area have continued to appreciate, indicating strong demand and potentially limited supply in the local housing market.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit potentially at a slower rate due to higher interest rates. Average rent prices are likely to continue their upward trajectory, driven by the area's desirability and the limited supply of rental properties.
In summary, zip code 33776 has demonstrated a robust trend towards increased homeownership and rising property values over the past decade. Despite recent increases in interest rates, home prices have continued to appreciate, suggesting a resilient local housing market. The rental market, while smaller, has shown strength with generally increasing average rents. These trends point to a dynamic and evolving real estate landscape in this area of Seminole, Florida.
