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Average Home Values and Ownership in Zip Code 34286: North Port's Decade of Growth
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 34286, located in North Port, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 34286 has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 79%, which increased to 88% by 2020, indicating a strong preference for homeownership in the area. However, there was a slight decline to 80% by 2022. This trend generally aligns with the changes in average home prices, which have seen substantial growth. The average home price in 2010 was $103,255, and by 2022, it had more than tripled to $366,486, representing a remarkable 255% increase over 12 years.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. This coincided with the increase in homeownership rates from 79% in 2013 to 81% in 2016. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates to 80% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 34286 have shown an inverse relationship to homeownership rates, decreasing from 17% in 2013 to 12% in 2020, before rising slightly to 20% in 2022. Interestingly, average rent prices have steadily increased despite these fluctuations. The average rent was $1,331 in 2013 and rose to $1,410 by 2022, a 5.9% increase. This upward trend in rent prices, despite varying renter percentages, could be attributed to overall market demand and the area's growing population, which increased from 19,318 in 2013 to 20,777 in 2022.
Looking at the most recent data, the average home price in zip code 34286 slightly decreased from $366,486 in 2022 to $366,310 in 2023, and further declined to $357,885 in 2024. This represents a 2.3% decrease from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributes to the cooling of home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34286 may experience a period of stabilization or modest growth, given the recent cooling trend and high interest rates. Average rent prices are expected to continue their gradual upward trajectory, potentially reaching around $1,500-$1,600 by 2029, driven by population growth and housing demand in the area.
In summary, zip code 34286 has demonstrated a strong preference for homeownership, with rates reaching as high as 88% in recent years. The area has experienced substantial growth in average home prices, more than tripling since 2010. Average rent prices have shown steady increases despite fluctuations in renter percentages. The recent cooling in home prices, coupled with rising interest rates, suggests a potential shift in the market dynamics, which will be crucial to monitor in the coming years.
