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Average Home Values and Ownership in Zip Code 34224: A Decade of Growth in North Port, 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 34224, located in North Port, Florida, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices experiencing significant growth, particularly in recent years.
The homeownership rate in zip code 34224 has remained relatively stable, fluctuating between 78% and 82% from 2013 to 2022. During this period, average home prices have shown a substantial increase. In 2013, the average home price was $118,983, which grew steadily to $200,307 by 2019, representing a 68% increase over six years. The trend accelerated dramatically from 2020 to 2022, with average home prices surging from $211,588 to $344,671, a remarkable 63% increase in just two years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.40%), homeownership rates remained stable at around 78-79%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), homeownership actually increased slightly to 81-82%, possibly due to buyers anticipating further rate increases. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with the significant rise in home prices, potentially offsetting the affordability advantage of lower rates.
Rental trends in zip code 34224 have shown some fluctuation. The percentage of renter-occupied housing ranged from 17% to 21% between 2013 and 2022. Average rent prices have generally increased over this period, albeit with some volatility. In 2013, the average rent was $1,059, which decreased to $958 in 2016 before rising again to $1,073 in 2018. By 2022, the average rent stood at $1,031, showing a modest overall increase of about 6% since 2013. The population in the zip code has remained relatively stable, ranging from about 15,100 to 16,300 residents, which may have contributed to the moderate changes in rental demand and prices.
In 2023 and 2024, we see some interesting developments in the housing market for zip code 34224. The average home price in 2023 was $341,457, showing a slight decrease from the 2022 peak. This trend continued into 2024, with the average home price further declining to $334,669. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates likely contributed to the cooling of home prices in the area.
Looking ahead, based on current trends and economic factors, we can project potential scenarios for the next five years. Average home prices may experience a period of stabilization or modest growth, possibly reaching around $360,000 to $380,000 by 2029. Rent prices could continue their gradual upward trend, potentially increasing to an average of $1,100 to $1,200 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 34224 has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience in its housing market, with home values appreciating substantially, especially in recent years. Rental prices have seen more moderate growth, and the proportion of renters has remained relatively stable. The recent cooling of home prices, coupled with rising interest rates, suggests a potential shift in the market dynamics that will be important to monitor in the coming years.
