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Average Home Values and Ownership in Zip Code 34974: Taylor Creek's Resilient Housing Market
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 34974, located in Taylor Creek, Florida, presents an intriguing case study of housing trends over the past decade. This area has experienced notable fluctuations in homeownership rates and significant changes in both average home prices and average rent prices. The overall trend shows a slight decrease in homeownership, coupled with substantial increases in both home values and rental costs.
The homeownership rate in zip code 34974 has shown a slight downward trend over the years, with some fluctuations. In 2013, the homeownership rate stood at 77%, gradually decreasing to 74% by 2016. However, it rebounded to 78% in 2020 before settling at 77% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $88,945, which steadily increased to $234,630 by 2022, representing a remarkable 163.8% increase over this period. Despite the rising home prices, the homeownership rate has remained relatively stable, suggesting a resilient local housing market.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 34974. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. This coincided with the initial decline in homeownership from 77% to 74%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight increase in homeownership, reaching 76% by 2019. The dramatic drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) corresponded with a peak in homeownership at 78% in 2020, demonstrating how lower interest rates can stimulate home buying activity.
The renter population in zip code 34974 has shown an inverse relationship to homeownership trends. The percentage of renters increased from 22% in 2013 to 26% in 2016, before decreasing slightly to 23% by 2022. Interestingly, average rent prices have steadily increased during this period, rising from $780 in 2013 to $949 in 2022, a 21.7% increase. This trend suggests that despite rising rental costs, demand for rentals has remained relatively stable, possibly due to factors such as job market conditions or preferences for rental housing among certain demographics.
Looking at the most recent data, the average home price in zip code 34974 reached $252,908 in 2023 and further increased to $265,776 in 2024. This represents a 13.2% increase from 2022 to 2024, indicating a continuing strong upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34974 will continue to rise, potentially reaching around $320,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,100 per month by 2029, assuming the current growth rate continues.
In summary, zip code 34974 has demonstrated remarkable resilience in its housing market. Despite significant increases in both home prices and rental costs, homeownership rates have remained relatively stable. The interplay between federal interest rates, home prices, and rental costs has shaped a dynamic housing landscape in this Florida community. As we look to the future, continued growth in both home values and rental prices seems likely, though external economic factors and local market conditions will undoubtedly play crucial roles in shaping these trends.
