Conversely, the renter population in zip code 13357 has decreased from 37% in 2013 to 30% in 2022. Despite this decline, average rent prices have shown volatility with an overall upward trend. The average rent increased from $619 in 2013 to $705 in 2022, with fluctuations in between, including a peak of $973 in 2021. This trend indicates that while fewer people are renting, those who do are facing higher costs. The population decline from 10,236 in 2013 to 9,413 in 2022 may have contributed to the reduced renter percentage, potentially due to outmigration or shifts to homeownership.

In 2023 and 2024, the housing market in zip code 13357 continued its upward trajectory. The average home price reached $130,248 in 2023 and further increased to $135,980 in 2024, representing a 10.4% growth over two years. This price appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.

Looking ahead, predictive models suggest that average home prices in zip code 13357 will continue to rise over the next five years, potentially reaching around $160,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections assume continued economic stability and sustained demand in the local housing market.

In summary, zip code 13357 has experienced a significant increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The area has seen a decrease in its renter population percentage, although average rent prices have generally trended upward. The recent surge in home prices, even in the face of higher interest rates, suggests a robust local housing market. As the area continues to evolve, these trends in homeownership and housing costs will likely play a crucial role in shaping the community's demographic and economic landscape.