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Average Home Values and Ownership in Zip Code 34610: A Decade of Growth and Change in Shady Hills, 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 34610, located in Shady Hills, 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 decreasing homeownership and increasing housing costs, with some fluctuations along the way.
The homeownership rate in zip code 34610 has shown a slight overall decline from 2013 to 2022. In 2013, the homeownership rate was 88%, which decreased to 78% by 2022. This decline was not constant, with some years showing increases. For instance, the rate rose from 79% in 2019 to 80% in 2020 and 81% in 2021, before dropping again in 2022. Concurrently, average home prices in the area have shown a steady increase. In 2013, the average home price was $137,588, which rose dramatically to $367,485 by 2022, representing a 167% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained very low (below 0.5%), coinciding with relatively stable homeownership rates around 86%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates declined from 84% to 79%. Interestingly, despite near-zero interest rates in 2020 and 2021, homeownership only slightly recovered to 81%, possibly due to other economic factors related to the global pandemic.
Renter percentages in zip code 34610 have generally increased from 12% in 2013 to 22% in 2022, inversely mirroring the homeownership trend. Average rent prices have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $877, which increased to $1,002 by 2022, representing a 14.3% increase. The population of the area has grown significantly during this period, from 12,898 in 2013 to 17,285 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, with values reaching $374,736 in 2023 and $387,619 in 2024. This represents a modest increase of 3.4% from 2023 to 2024. Notably, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, based on historical trends and current economic conditions, we can predict that average home prices in zip code 34610 may continue to rise over the next five years, but potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by population growth and the shift towards renting. However, if interest rates remain high, we might see a stabilization or even a slight decrease in home prices as fewer buyers enter the market.
In summary, zip code 34610 has experienced a gradual shift towards renting, with homeownership rates declining from 88% to 78% between 2013 and 2022. This shift has occurred alongside substantial increases in both average home prices and average rent prices. The area's growing population and changing economic conditions, including fluctuations in federal interest rates, have played significant roles in shaping these trends. As we move forward, the interplay between interest rates, population growth, and housing supply will likely continue to influence the balance between homeownership and renting in this Florida community.
