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Zip Code 33143: Rising Home Values and Shifting Ownership in Glenvar Heights, 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 33143, located in Glenvar Heights, Florida, presents an intriguing case study of evolving real estate dynamics. This area has experienced significant shifts in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 33143 has shown a gradual decline from 2013 to 2022. In 2013, 61% of residents were homeowners, but by 2022, this figure had decreased to 53%. Conversely, the average home prices in the area have seen substantial growth. In 2013, the average home price was $330,197, and by 2022, it had risen dramatically to $765,499, representing a 131.8% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
The federal interest rates have played a significant role in shaping homeownership trends in zip code 33143. From 2013 to 2016, interest rates remained historically low, hovering around 0.1-0.4%. During this period, homeownership rates remained relatively stable, ranging from 61% to 57%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to decline, reaching 53% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 33143 has increased as homeownership rates have declined. In 2013, 37% of residents were renters, and by 2022, this figure had grown to 47%. Average rent prices have also shown an upward trend, albeit less dramatic than home prices. In 2013, the average rent was $1,515, and by 2022, it had increased to $1,775, a 17.2% rise. The population of the zip code has remained relatively stable during this period, growing from 30,766 in 2013 to 32,786 in 2022, suggesting that the shift towards renting is not solely driven by population growth but also by changing market conditions and affordability issues.
Looking at the most recent data, the average home price in zip code 33143 reached $834,436 in 2023 and $900,158 in 2024, continuing the upward trend observed in previous years. Interestingly, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially slow down the rapid home price appreciation seen in recent years.
Based on the historical trends and current market conditions, we can forecast the following 5-year trends for average home and rent prices in zip code 33143: Average home prices are likely to continue increasing, but at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $1.1 million by 2029. Average rent prices are expected to maintain their upward trajectory, potentially reaching $2,200-$2,400 by 2029, as demand for rentals remains strong in the face of high home prices.
In summary, zip code 33143 has experienced a significant shift from homeownership to renting over the past decade, driven by rapidly appreciating home values and changing economic conditions. The inverse relationship between homeownership rates and average home prices, coupled with the influence of federal interest rates, has reshaped the local real estate landscape. As we look to the future, continued growth in both home and rent prices is anticipated, albeit potentially at a more moderate pace due to higher interest rates and market stabilization.
