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Zip Code 33154: Rising Home Values and Shifting Ownership in Surfside, 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 33154, located in Surfside, Florida, is a vibrant coastal community known for its beautiful beaches and upscale lifestyle. Over the past decade, this area has experienced significant fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, the homeownership rate in zip code 33154 showed a slight overall decline, starting at 60% in 2013 and ending at 58% in 2022. During this same period, average home prices experienced substantial growth. In 2013, the average home price was $503,255, which more than doubled to $1,025,608 by 2022, representing a remarkable 103.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. From 2013 to 2015, as interest rates remained low (0.11% to 0.13%), homeownership rates actually decreased from 60% to 53%. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even slightly increased, reaching 58% by 2022. This suggests that other local factors, such as the desirability of the area and strong property appreciation, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages in zip code 33154 fluctuated between 40% and 48% from 2013 to 2022. The average rent prices showed a general upward trend during this period, increasing from $1,620 in 2013 to $1,848 in 2022, a 14% rise. Notably, there was a significant jump in average rent from $1,874 in 2017 to $2,013 in 2018, coinciding with a slight increase in the renter population from 48% to 45%. The population of the zip code grew from 15,251 in 2013 to 16,172 in 2022, potentially contributing to the upward pressure on rent prices.
In 2023 and 2024, the average home prices in zip code 33154 continued their upward trajectory. The average home price reached $1,095,371 in 2023 and further increased to $1,126,353 in 2024, representing a 6.8% and 2.8% year-over-year growth, respectively. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand and limited housing supply in the area.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and rent prices over the next five years in zip code 33154. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $1,500,000 by 2029. Average rent prices are expected to rise at a more modest rate of 3-4% per year, potentially reaching about $2,200 by 2029.
In summary, zip code 33154 has demonstrated robust growth in property values over the past decade, with average home prices more than doubling despite fluctuations in homeownership rates. The area has shown resilience to rising interest rates, suggesting strong local demand. Rent prices have also increased, albeit at a slower pace than home values. The continued appreciation of both home and rent prices, even in the face of higher interest rates, indicates a strong and desirable real estate market in this coastal Florida community.
