Loading Content...
Zip Code 33167: Rising Home Values and Shifting Ownership Patterns in Westview, Florida
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 33167, located in Westview, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a shift in its housing market dynamics, with fluctuations in both ownership percentages and average home prices.
The homeownership rate in zip code 33167 has shown a gradual decline from 2013 to 2019, followed by a slight recovery. In 2013, the ownership rate stood at 53%, but by 2019, it had dropped to 45%. However, there was a rebound in 2020, with the ownership rate increasing to 50% and further rising to 51% in 2022. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in 2013 was $86,578, and it rose dramatically to $362,841 by 2022, representing a 319% increase over nine years.
Federal interest rates have played a role in homeownership trends in zip code 33167. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 51-53%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, there was a corresponding decrease in homeownership rates, dropping to 45% in 2019. However, the sudden drop in interest rates to 0.38% in 2020 coincided with a rebound in homeownership to 50%.
Renter percentages in zip code 33167 have generally mirrored the inverse of homeownership rates. The renter-occupied percentage increased from 45% in 2013 to a peak of 52% in 2019, before settling at 49% in 2022. Average rent prices have also shown an upward trend, rising from $1,001 in 2013 to $1,173 in 2022, a 17% increase. This trend in rent prices, while significant, has been less dramatic than the rise in home prices. The population of the zip code has grown from 22,930 in 2013 to 25,998 in 2022, which may have contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 33167 continued its upward trajectory. The average home price reached $403,844 in 2023 and further increased to $440,220 in 2024, representing a 21% rise over two years. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make mortgages more expensive, yet the housing market in this area has remained robust.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years, albeit at a potentially slower pace. Home prices could potentially reach the $500,000 mark by 2029, while average rent prices might approach $1,400 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 33167 has experienced a notable shift in its housing market over the past decade. The area has seen a substantial increase in property values, with average home prices more than quadrupling from 2013 to 2024. While homeownership rates initially declined, they have shown signs of recovery in recent years. Rent prices have also increased, though not as dramatically as home prices. The resilience of the housing market, even in the face of rising interest rates, suggests a strong demand for properties in this area.
