Renter percentages in zip code 34104 have shown a general decline, from 36% in 2013 to 32% in 2022. This decrease in the renter population coincided with an increase in average rent prices. The average rent rose from $1,205 in 2013 to $1,412 in 2022, an increase of 17.2%. It's worth noting that despite the declining renter percentage, the actual population of the zip code remained relatively stable, fluctuating between 23,000 and 24,000 residents throughout this period.

Looking at the most recent data, the average home price in zip code 34104 continued to rise in 2023, reaching $402,203. In 2024, there was a slight increase to $403,056. This modest growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has maintained its value even in the face of higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34104 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $450,000 to $475,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,600 to $1,700 per month by 2029.

In summary, zip code 34104 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. The rental market, while shrinking in terms of percentage, has seen steady increases in average rent prices. These trends suggest a growing preference for homeownership in this area, possibly driven by local economic factors and the long-term investment potential of Naples real estate.