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Average Home Values and Ownership in Zip Code 33912: A Decade of Growth in Fort Myers' Gulf Coast Community
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 33912, located in Fort Myers, Florida, covers an area of 22.72 square miles and has experienced significant growth and change over the past decade. This suburban area has maintained consistently high homeownership rates while witnessing a notable upward trend in average home prices. The rental market has also seen fluctuations in both occupancy rates and average rent prices during this period.
The homeownership rate in zip code 33912 has remained relatively stable, hovering around 84% from 2013 to 2022. Despite this consistency, average home prices have shown a dramatic increase. In 2010, the average home price was $197,840, which rose steadily to $263,665 by 2019. The market then experienced a significant surge, with average home prices reaching $427,469 in 2022, representing a 116% increase over the 12-year period. This substantial growth in home values did not significantly impact homeownership rates, suggesting strong local demand and potentially favorable economic conditions for existing homeowners.
Federal interest rates have played a role in shaping homeownership trends in zip code 33912. From 2010 to 2015, interest rates remained extremely low, ranging from 0.09% to 0.18%. During this period, homeownership rates held steady at around 84%. As interest rates began to rise from 2016 to 2019, reaching 2.16% in 2019, homeownership rates still maintained their stability. This resilience in homeownership despite rising interest rates may indicate other strong local economic factors supporting home purchases in the area.
The rental market in zip code 33912 has shown some fluctuations over the years. The percentage of renters has remained relatively constant, ranging from 15% to 16% between 2013 and 2022. Average rent prices, however, have seen more significant changes. In 2013, the average rent was $1,383, which increased to $1,743 by 2018, representing a 26% rise over five years. Interestingly, despite the growing population from 16,204 in 2013 to 19,434 in 2022, average rent prices showed some moderation in recent years, settling at $1,614 in 2022. This trend suggests that the rental market has been able to absorb the population growth without causing dramatic increases in rent prices.
Looking at the most recent data, average home prices in zip code 33912 continued to rise, reaching $452,811 in 2023 and slightly decreasing to $450,732 in 2024. This represents a 5.9% increase from 2022 to 2023, followed by a minor 0.5% decrease from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to the slight cooling in home prices observed in 2024.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33912 will continue to show moderate growth, albeit at a slower pace than the rapid increases seen in recent years. The combination of high interest rates and already elevated home prices may lead to a more stabilized market. Average rent prices are expected to maintain a steady upward trajectory, driven by consistent demand and population growth in the area.
In summary, zip code 33912 has demonstrated a robust housing market characterized by high homeownership rates and significant appreciation in average home values. The rental market has shown stability in occupancy rates with moderate increases in average rent prices. The area's ability to maintain high homeownership rates despite rising home prices and interest rates suggests a strong local economy and desirable living conditions. Looking ahead, we expect continued growth in both the housing and rental markets, though at a more moderate pace than seen in recent years.
