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Average Home Values and Ownership in Zip Code 34652: A Decade of Growth and Change in New Port Richey, 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 34652, located in New Port Richey, Florida, has experienced significant changes in its housing market 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 34652 has shown a slight decline over the years, moving from 64% in 2013 to 62% in 2022. During this same period, average home prices have experienced substantial growth. In 2013, the average home price was $63,915, which steadily increased to $229,666 by 2022, representing a remarkable 259% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 63-64%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates slightly decreased to 59%. However, when interest rates dropped dramatically to 0.08% in 2021, homeownership rates rebounded to 62%, demonstrating the influence of low-interest rates on home buying decisions.
The rental market in zip code 34652 has also seen notable changes. The percentage of renters increased from 36% in 2013 to 38% in 2022. Concurrently, average rent prices rose from $950 in 2013 to $1,255 in 2022, a 32% increase. This trend suggests a growing demand for rental properties, possibly driven by those priced out of the homeownership market. The population growth from 22,267 in 2013 to 25,339 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 34652 continued to evolve. The average home price reached $239,143 in 2023 and further increased to $241,832 in 2024, showing a continued upward trend. Interestingly, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. These high interest rates could potentially impact future homeownership rates and home price growth.
Looking ahead, predictive models suggest that average home prices in zip code 34652 may continue to rise over the next five years, albeit at a slower pace due to the current high interest rates. Average rent prices are also expected to increase, driven by ongoing population growth and potential shifts from homeownership to renting due to affordability concerns. However, if interest rates begin to decrease, it could stimulate home buying activity and potentially slow the growth of rent prices.
In summary, zip code 34652 has experienced significant growth in both average home prices and rent prices over the past decade, with a slight shift towards renting. The interplay between federal interest rates, population growth, and housing affordability has been crucial in shaping these trends. As the area continues to evolve, balancing housing supply with demand will be essential for maintaining a healthy real estate market in this Florida community.
