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Rising Home Values and Ownership: Zip Code 33709'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
West Lealman, located in zip code 33709 in Florida, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates alongside rising average home prices, with some fluctuations in the rental market.
The homeownership rate in West Lealman has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 73%, and by 2022, it had risen to 77%. This 4% increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $84,036, and by 2022, it had more than tripled to $276,967. This substantial increase in home values likely contributed to the growing preference for homeownership in the area.
The relationship between federal interest rates and homeownership rates in West Lealman follows the expected trend. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 73%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 74%. Interestingly, despite the drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership continued to climb, reaching 78% in 2021. This suggests that other factors, such as the pandemic-induced desire for more space, may have influenced homeownership decisions during this period.
The rental market in West Lealman has shown some fluctuations over the years. The percentage of renters decreased from 27% in 2013 to 23% in 2022. Despite this decrease in the renter population, average rent prices have generally increased. In 2013, the average rent was $1,017, and by 2022, it had risen to $1,075, representing a 5.7% increase over nine years. The population of the area grew from 25,079 in 2013 to a peak of 26,520 in 2016, before declining to 24,417 in 2022. This population trend may have influenced the rental market, with the initial growth potentially driving up rent prices, and the subsequent decline possibly contributing to the slight decrease in the renter population.
In 2023 and 2024, the average home prices in West Lealman continued to rise. The average home price reached $288,952 in 2023 and further increased to $296,711 in 2024. This represents a 7.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, home prices continued to appreciate, suggesting strong demand in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in West Lealman will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. If the current trajectory holds, average home prices could reach around $350,000 by 2029. For rent prices, assuming the trend of modest increases continues, we might see average rents approach $1,200 by 2029. However, these predictions could be influenced by various factors including economic conditions, local development, and changes in population demographics.
In summary, West Lealman has seen a significant increase in homeownership rates and average home prices over the past decade. The area has demonstrated resilience in its housing market, with home values appreciating even in the face of rising interest rates. While the rental market has experienced some fluctuations, it has generally shown modest growth in average rent prices. These trends suggest a strong and growing preference for homeownership in the area, possibly driven by the potential for property value appreciation.
