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Zip Code 33137: Rising Home Values and Shifting Ownership Trends in Miami's Urban Core
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 33137, located in Miami, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, the homeownership rate in zip code 33137 showed a general decline, dropping from 28% to 26%. During this same period, average home prices experienced substantial growth. In 2013, the average home price was $375,309, which increased to $663,249 by 2022, representing a 76.7% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
The federal interest rate trends have played a role in shaping homeownership rates in the area. For instance, in 2013, when the interest rate was 0.11%, the homeownership rate was 28%. As interest rates remained low through 2020 (0.38%), homeownership rates declined to 23%, possibly due to the sharp increase in home prices outpacing the benefits of low interest rates. The slight uptick to 26% homeownership in 2022, despite a higher interest rate of 1.68%, might indicate other factors influencing buying decisions.
Renter percentages in zip code 33137 have generally increased from 72% in 2013 to 74% in 2022. This trend coincides with rising average rent prices, which grew from $1,416 in 2013 to $1,758 in 2022, a 24.2% increase. The population also grew during this period, from 20,015 in 2013 to 25,687 in 2022, potentially contributing to increased demand for rental properties and higher rent prices.
In 2023, the average home price in zip code 33137 reached $714,914, with the federal interest rate at 5.02%. Moving into 2024, the average home price further increased to $732,380, while the federal interest rate rose slightly to 5.33%. These figures represent a continuation of the upward trend in both home prices and interest rates observed in recent years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33137 will continue to rise, potentially reaching around $850,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 33137 has experienced a notable 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 both population and housing costs, reflecting its desirability and the broader economic trends in Miami. As interest rates and home prices continue to rise, the rental market is likely to remain strong, with both homeowners and renters facing higher costs in the coming years.
