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Zip Code 33033: Rising Home Values and Ownership Trends in Homestead, Florida
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 33033, located in Homestead, Florida, has experienced significant demographic and housing market changes over the past decade. This area has seen a notable increase in population, rising from 46,046 in 2010 to 67,382 in 2022, indicating a growing appeal for both homeowners and renters.
The homeownership rate in zip code 33033 has shown resilience and slight growth, increasing from 51% in 2013 to 54% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $102,366 in 2010 to $374,180 in 2022, representing a 265% increase. The relationship between homeownership rates and average home prices suggests that despite rising costs, the area has maintained its attractiveness to potential homeowners.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the stability in homeownership rates despite rising home prices. As interest rates began to increase from 2017 (1%) to 2019 (2.16%), homeownership rates actually improved slightly, possibly due to buyers wanting to secure properties before further rate increases.
Renter percentages in zip code 33033 have fluctuated over the years, peaking at 51% in 2016 before settling at 46% in 2022. Average rent prices have shown a steady increase, rising from $1,368 in 2013 to $1,516 in 2022, a 10.8% increase. This moderate growth in rent prices, compared to the more dramatic rise in home prices, may have contributed to the relatively stable renter population.
In 2023 and 2024, the housing market in zip code 33033 continued its upward trajectory. Average home prices reached $408,643 in 2023 and further increased to $436,988 in 2024, representing a 16.8% growth over two years. Concurrently, federal interest rates rose significantly 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 33033 may continue to rise, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the next five years. These projections are based on historical trends and current market conditions.
In summary, zip code 33033 has demonstrated a robust housing market with rising home values and a slight increase in homeownership rates despite growing prices. The area has maintained a balance between owners and renters, with both segments showing resilience in the face of changing economic conditions. The continued population growth and rising property values indicate sustained demand for housing in this Homestead, Florida zip code.
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