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Average Home Values and Ownership in Zip Code 33967: Analyzing San Carlos Park's Housing Market Trends
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
San Carlos Park, located in zip code 33967 in Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, with some fluctuations in recent years.
The homeownership rate in zip code 33967 showed a steady increase from 71% in 2013 to 75% in 2020, indicating a growing preference for owning rather than renting in the area. This trend coincided with a substantial rise in average home prices, which more than tripled from $110,577 in 2010 to $367,573 in 2022. The most dramatic increase occurred between 2020 and 2022, with average home prices jumping from $249,176 to $367,573, a 47.5% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2020, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 71% in 2013 to 75% in 2020. However, as interest rates began to rise sharply in 2022 (1.68%) and 2023 (5.02%), we see a reversal in the homeownership trend, with rates dropping to 71% in 2022.
The renter percentage in zip code 33967 decreased from 29% in 2013 to 25% in 2020, mirroring the increase in homeownership. However, the average rent prices continued to rise during this period, from $1,276 in 2013 to $1,655 in 2020, a 29.7% increase. This upward trend in rent prices continued until 2021, reaching $1,737, before experiencing a slight decrease to $1,576 in 2022. The population growth from 23,930 in 2013 to 27,733 in 2022 likely contributed to the overall increase in housing demand and rent prices.
In 2023 and 2024, average home prices in zip code 33967 continued to rise, reaching $388,785 in 2023 and $397,967 in 2024. This represents a 5.8% increase from 2022 to 2023 and a further 2.4% increase from 2023 to 2024. Concurrently, federal interest rates remained high, at 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership rates and affordability.
Looking ahead, predictive models suggest that average home prices in zip code 33967 may continue to rise over the next five years, albeit at a more moderate pace. We can expect average home prices to potentially reach around $450,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,800 to $1,900 per month in the same timeframe.
In summary, zip code 33967 has experienced significant growth in both homeownership rates and property values over the past decade. The area has seen a strong correlation between low interest rates and increased homeownership, as well as rising home and rent prices. Recent increases in interest rates have begun to impact homeownership trends, and future market dynamics will likely be influenced by the interplay between interest rates, population growth, and housing supply.
