Renter percentages in Palm Harbor have slightly decreased from 25% in 2020 to 22% in 2022. Despite this decrease, average rent prices have continued to rise. In 2020, the average rent was $1,516, which increased to $1,588 in 2021, before returning to $1,516 in 2022. This fluctuation in rent prices, coupled with the decrease in renter percentage, suggests a complex rental market influenced by factors such as housing availability and local economic conditions.

In 2023, the average home price in Palm Harbor reached $477,971, with federal interest rates rising to 5.02%. As of 2024, the average home price has further increased to $494,683, while federal interest rates have slightly risen to 5.33%. These figures indicate a continued upward trend in home prices, despite higher interest rates which typically make borrowing more expensive.

Looking ahead, based on the historical data and current trends, we can predict that average home prices in Palm Harbor will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, following the general upward trend observed in recent years. However, the rate of increase may be moderated by factors such as housing supply and local economic conditions.

In summary, Palm Harbor has maintained a strong homeownership rate despite significant increases in average home prices. The area has experienced a slight decrease in renter percentages, while average rent prices have shown some fluctuation. The continued rise in home prices, even in the face of increasing interest rates, suggests a robust housing market in this zip code. These trends indicate that Palm Harbor remains an attractive area for both homeowners and investors, with potential for further growth in property values in the coming years.