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Rising Home Values and Ownership Trends in Zip Code 33332: Weston's Decade of Growth
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 33332, located in Weston, Florida, is a suburban area known for its high-end residential communities and excellent schools. This zip code has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 33332 has remained relatively stable, fluctuating between 84% and 87% from 2013 to 2022. However, there has been a slight downward trend in recent years, with the ownership percentage decreasing from 87% in 2020 to 84% in 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $473,581, which rose steadily to $910,427 by 2022, representing a remarkable 92% increase over nine years. This rapid appreciation in home values may have made it more challenging for some residents to afford homeownership, potentially contributing to the slight decrease in ownership rates.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), the homeownership rate remained stable at around 86-87%. As interest rates began to rise in 2017 (1.00%) and continued to increase through 2019 (2.16%), the homeownership rate showed slight fluctuations but generally remained high. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a brief uptick in homeownership to 87% in 2020, likely due to more affordable financing options.
Renter percentages in zip code 33332 have shown a slight upward trend, increasing from 13% in 2013 to 16% in 2022. This trend aligns with the rise in average rent prices, which have grown significantly over the same period. In 2013, the average rent was $2,173, which increased to $2,758 by 2022, representing a 27% increase. The population in the zip code has also grown from 13,494 in 2013 to 14,661 in 2022, potentially contributing to increased demand for rental properties and higher rent prices.
In 2023, the average home price in zip code 33332 reached $957,262, and as of 2024, it has further increased to $1,015,956. This represents a continued upward trajectory 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 homeownership rates and affordability in the coming years.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 33332 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 expected to increase, driven by population growth and the rising cost of homeownership. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply catches up with demand.
In summary, zip code 33332 has experienced significant appreciation in both home values and rent prices over the past decade. While homeownership rates have remained relatively high, there are signs of a slight shift towards renting in recent years. The interplay between rising property values, increasing rent prices, and fluctuating interest rates will likely continue to shape the housing market in this area, potentially leading to further changes in the balance between homeownership and renting.
