Loading Content...
Rising Home Values and Ownership in Zip Code 33711: St. Petersburg's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33711, located in St. Petersburg, Florida, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a notable increase in owner-occupied housing units, coupled with substantial growth in average home prices and fluctuations in average rent prices.
The trend in homeownership rates in zip code 33711 shows a clear upward trajectory. In 2013, the percentage of owner-occupied units stood at 63%. This figure declined slightly to 57% in 2017 but has since rebounded strongly, reaching 68% in 2022. This represents a significant 11 percentage point increase in homeownership over the course of nine years. Concurrently, average home prices in the area have shown remarkable growth. In 2013, the average home price was $72,006. By 2022, this figure had skyrocketed to $290,582, marking a staggering 303.55% increase over the same period. This strong correlation between rising homeownership rates and increasing home values suggests a growing demand for property ownership in the area, potentially driven by factors such as neighborhood improvements or changing demographic preferences.
The relationship between federal interest rates and homeownership rates in zip code 33711 demonstrates some interesting patterns. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates actually decreased from 63% to 57%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 57-58%. Interestingly, the most substantial increases in homeownership occurred from 2020 to 2022, rising from 62% to 68%, despite interest rates fluctuating between 0.38% and 1.68%. This suggests that while interest rates play a role, other local factors may have had a more significant impact on homeownership trends in this specific zip code.
Renter percentages and average rent prices in zip code 33711 have shown an inverse relationship to homeownership trends. The percentage of renter-occupied units peaked at 43% in 2017, corresponding with the lowest point of homeownership. Since then, the renter percentage has steadily decreased, reaching 32% in 2022. Average rent prices, however, have not followed a consistent pattern. They rose from $1,350 in 2013 to a peak of $1,495 in 2018, before declining to $1,180 in 2022. This represents a 21.07% decrease from the 2018 peak. The population in the zip code has fluctuated, peaking at 19,602 in 2018 and declining to 17,781 in 2022, which may have contributed to the downward pressure on rent prices.
In 2023 and 2024, average home prices in zip code 33711 continued to rise, reaching $300,849 and $307,202 respectively. This represents a 3.53% increase from 2022 to 2023, and a further 2.11% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, albeit at a slower pace than in previous years.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in zip code 33711 may continue to rise over the next five years, but at a more moderate pace. A conservative estimate might suggest an annual appreciation rate of 2-3%, which could bring average home prices to around $340,000-$355,000 by 2029. Average rent prices, which have been more volatile, may stabilize and potentially increase slightly, possibly reaching $1,300-$1,400 per month by 2029, assuming economic conditions remain stable and population growth resumes.
In summary, zip code 33711 has experienced a significant shift towards homeownership, accompanied by substantial appreciation in home values. The area has shown resilience in the face of changing interest rates, with local factors appearing to play a strong role in shaping housing trends. The rental market has contracted in terms of occupancy but has shown variability in pricing. As the area continues to evolve, it will be crucial to monitor how these trends develop, particularly in light of broader economic factors and local demographic changes.
