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Zip Code 33076: Rising Home Values and Ownership Rates in Parkland, 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 33076, located in Parkland, Florida, has experienced significant growth and changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with substantial rises in both average home prices and average rent prices. The homeownership rate in zip code 33076 has shown a general upward trend, increasing from 78% in 2016 to 85% in 2022. This rise in homeownership coincides with a dramatic increase in average home prices. In 2010, the average home price was $391,844, which steadily climbed to $845,018 by 2022, representing a remarkable 115.7% increase over 12 years. The most significant jump occurred between 2020 and 2022, with average home prices surging from $565,740 to $845,018, a 49.4% increase in just two years.
Federal interest rates have played a role in homeownership trends in zip code 33076. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates, as more affordable financing options likely encouraged home purchases. However, despite the sharp increase in interest rates to 1.68% in 2022 and 5.02% in 2023, homeownership rates in the area remained high at 85%, suggesting other factors such as local market conditions and demand may have a strong influence on homeownership in this zip code.
The rental market in zip code 33076 has also seen significant changes. The percentage of renters decreased from 22% in 2016 to 15% in 2022. Despite this decrease in the renter population, average rent prices have consistently increased. In 2013, the average rent was $2,041, which rose to $2,959 by 2022, a 45% increase over nine years. This upward trend in rent prices, even as the proportion of renters decreased, may be attributed to the overall increase in property values and the growing population, which increased from 28,428 in 2010 to 42,454 in 2022.
Looking at the most recent data, average home prices in zip code 33076 continued to rise, reaching $876,113 in 2023 and $903,225 in 2024. This represents a 3.7% increase from 2023 to 2024, indicating a continued upward trend in property values. The federal interest rate also increased to 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 33076 to continue rising, potentially reaching around $1.1 million by 2029. Average rent prices are also projected to increase, possibly exceeding $3,500 per month within the same timeframe. These projections are based on the historical growth patterns observed in the data.
In summary, zip code 33076 has demonstrated a strong trend towards increased homeownership, with significant growth in both average home prices and average rent prices. The area has shown resilience in maintaining high homeownership rates despite recent increases in interest rates. The continued rise in property values and rent prices, coupled with population growth, suggests a robust and desirable housing market in this Parkland zip code.
