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Rising Home Values and Shifting Ownership in Zip Code 33172: Doral's Decade of Change
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 33172, located in Doral, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a general trend of decreasing homeownership rates coupled with rising average home prices and rent costs. The homeownership rate in zip code 33172 has shown a steady decline from 2013 to 2022. In 2013, 47% of housing units were owner-occupied, but by 2022, this figure had dropped to 43%. Conversely, average home prices have seen a substantial increase during this period. In 2013, the average home price was $114,322, which more than doubled to $270,745 by 2022. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for residents in this area.
Federal interest rates have played a role in shaping homeownership trends in zip code 33172. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the area saw a slight decrease in homeownership from 47% to 43%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 42-43%. This trend aligns with the general principle that lower interest rates can encourage homeownership, although other local factors appear to have counteracted this effect in this particular zip code.
The percentage of renters in zip code 33172 has increased from 50% in 2013 to 57% in 2022. This rise in renter-occupied units coincides with an increase in average rent prices. In 2013, the average rent was $1,364, which grew to $1,626 by 2022, representing a 19% increase over nine years. The population in this zip code has also fluctuated, peaking at 44,684 in 2019 before declining to 41,504 in 2022. These trends suggest a growing demand for rental properties, possibly driven by the rising costs of homeownership and changes in population dynamics.
Looking at the most recent data, the average home price in zip code 33172 reached $305,997 in 2023 and further increased to $319,887 in 2024. This represents a significant jump from the 2022 average of $270,745. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with escalating home prices, may further impact homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 33172 to continue their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 33172 has experienced a shift towards a renter-majority market, with homeownership rates declining as property values and rent prices have increased. The area has seen substantial growth in average home prices, more than tripling from $107,104 in 2010 to $319,887 in 2024. Recent sharp increases in federal interest rates, coupled with rising property values, may further challenge homeownership accessibility in this area. The rental market is expected to remain strong, with both the percentage of renters and average rent prices projected to continue their upward trend in the coming years.
