Loading Content...
Zip Code 33160: Rising Home Values and Shifting Ownership Trends in Coastal North Miami
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33160, located in North Miami, Florida, is a dynamic area that has experienced significant changes in its real estate landscape over the past decade. This zip code, covering 5.75 square miles, has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 33160 has shown a notable trend over the years. In 2013, the area had a homeownership rate of 59%. This rate gradually declined to 52% by 2019, indicating a shift towards renting. However, there was a reversal in this trend from 2020 onwards, with homeownership increasing to 58% by 2022. This change coincides with fluctuations in average home prices. The average home price in the area rose from $264,126 in 2010 to a peak of $424,897 in 2016, an increase of about 61%. After a slight dip, prices surged again, reaching $535,292 in 2022, representing a substantial 102.7% increase from 2010 levels.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally expected pattern. For instance, the period from 2013 to 2019, when homeownership rates were declining, coincided with a gradual increase in federal interest rates from 0.11% to 2.16%. Conversely, the uptick in homeownership from 2020 to 2022 corresponded with a sharp drop in interest rates to near-zero levels in 2020 and 2021, making home financing more accessible.
Renter percentages in zip code 33160 show an inverse relationship to homeownership rates, naturally. The renter-occupied percentage increased from 40% in 2013 to a peak of 47% in 2019, before declining slightly to 42% in 2022. Average rent prices have shown a consistent upward trend, rising from $1,430 in 2013 to $1,745 in 2022, a 22% increase. This rise in rent prices occurred despite fluctuations in the area's population, which grew from 36,994 in 2013 to 41,980 in 2022, suggesting that other factors such as housing demand and local economic conditions played a role in driving up rental costs.
Looking at the most recent data, the average home price in zip code 33160 reached $573,825 in 2023, a 7.2% increase from 2022. However, in 2024, there was a slight decrease to $565,405, a 1.5% drop. This recent trend coincides with a significant rise in federal interest rates, which increased from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the recent stabilization in home prices.
Applying predictive models to forecast 5-year trends, we can anticipate continued fluctuations in the real estate market of zip code 33160. Average home prices are likely to experience moderate growth, potentially reaching around $600,000 by 2029, assuming economic conditions remain stable. Average rent prices are expected to continue their upward trajectory, potentially surpassing $2,000 per month within the next five years, driven by ongoing demand for rental properties in this desirable area.
In summary, zip code 33160 has demonstrated resilience and growth in its real estate market. The area has seen a recent resurgence in homeownership after a period of decline, significant appreciation in average home values, and steady increases in average rent prices. These trends, coupled with the area's population growth and the impact of changing interest rates, paint a picture of a dynamic and evolving real estate market in this North Miami neighborhood.
