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Rising Home Values and Shifting Ownership in Tampa's Zip Code 33607: A Decade of Housing Market Dynamics
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 33607, located in Tampa, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a dynamic housing market with notable shifts in ownership patterns and property values. The ownership percentage in zip code 33607 has fluctuated over the years, with a general trend of decline followed by a slight recovery. In 2013, the homeownership rate stood at 46%, but it decreased to 40% by 2016. However, there has been a modest rebound in recent years, with the ownership rate rising to 43% in 2022. Concurrently, average home prices in the area have shown a substantial increase. In 2013, the average home price was $84,362, which has grown dramatically to $339,267 by 2022, representing a 302% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates decreased. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even showed a slight increase. This suggests that other local factors may have had a more significant influence on homeownership than interest rates alone in this particular area.
Renter percentages in zip code 33607 have shown an inverse relationship to homeownership rates. The percentage of renters increased from 54% in 2013 to a peak of 60% in 2016-2018, before slightly decreasing to 57% in 2022. Average rent prices have steadily increased during this period, rising from $1,043 in 2013 to $1,285 in 2022, a 23% increase. The population in this zip code has remained relatively stable, fluctuating between 23,000 and 26,000 residents throughout the observed period.
Looking at the most recent data, average home prices in zip code 33607 continued to rise in 2023 and 2024, reaching $350,375 and $364,337 respectively. This represents a further 7.4% increase from 2022 to 2024. Federal interest rates have also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007.
Applying predictive models to forecast 5-year trends, average home prices in zip code 33607 are expected to continue their upward trajectory, potentially reaching around $450,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,500 per month within the same timeframe.
In summary, zip code 33607 has experienced a significant increase in average home prices and average rent prices over the past decade, with a slight recovery in homeownership rates in recent years. Despite rising interest rates, the housing market in this area has shown resilience and continued growth. The interplay between ownership rates, rental demand, and property values suggests a dynamic and evolving housing market in this Tampa zip code.
