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Rising Home Values and Ownership Trends in Zip Code 33415: Greenacres's Dynamic Real Estate 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 33415, located in Greenacres, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, accompanied by substantial increases in both average home prices and average rent prices.
The homeownership rate in zip code 33415 has shown a slight decline over the years. In 2013, the homeownership rate stood at 62%, but by 2022, it had decreased to 57%. This trend coincides with a remarkable increase in average home prices. In 2013, the average home price was $72,964, which rose dramatically to $261,853 by 2022, representing a 259% increase over nine years. This inverse relationship suggests that rising home prices 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, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 62%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 57%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 33415 has increased correspondingly with the decline in homeownership. The percentage of renters rose from 38% in 2013 to 43% in 2022. This shift occurred alongside a steady increase in average rent prices. In 2013, the average rent was $1,133, which grew to $1,281 by 2022, an increase of 13% over nine years. The rising renter population and increasing rent prices suggest a growing demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, the housing market in zip code 33415 continued its upward trajectory. The average home price reached $283,546 in 2023 and further increased to $293,995 in 2024. This represents a 12.3% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 33415 could potentially reach around $350,000 by 2029. Similarly, average rent prices might increase to approximately $1,500 per month in the same timeframe.
In summary, zip code 33415 has experienced a gradual shift from homeownership to renting, driven by rapidly increasing home prices and fluctuating interest rates. The area has seen substantial appreciation in property values, with average home prices more than tripling from 2013 to 2024. The rental market has also strengthened, with both the renter population and average rent prices showing steady growth. These trends are expected to continue in the coming years, potentially further reshaping the housing landscape of this Florida community.
