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Zip Code 33174: Rising Home Values and Shifting Ownership Patterns in Westchester, 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 33174, located in Westchester, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a dynamic real estate market with interesting shifts in ownership trends and property values.
The homeownership rate in zip code 33174 has seen a gradual decline from 2013 to 2022. In 2013, 56% of housing units were owner-occupied, while by 2022, this figure had decreased to 52%. This shift coincides with a substantial increase in average home prices. In 2013, the average home price was $157,785, which rose dramatically to $387,499 by 2022, representing a 145.6% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 55-57%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a decline, dropping to 52% by 2022. This trend aligns with the general principle that higher interest rates can make homeownership less affordable, potentially leading to a decrease in ownership rates.
As homeownership decreased, the percentage of renters in zip code 33174 increased from 44% in 2013 to 48% in 2022. This shift corresponded with a rise in average rent prices. In 2013, the average rent was $1,443, which increased to $1,613 by 2022, a 11.8% increase. Notably, the population fluctuated during this period, peaking at 32,260 in 2020 before decreasing to 30,577 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, the real estate market in zip code 33174 continued to show significant growth. The average home price reached $429,813 in 2023 and further increased to $455,710 in 2024, representing a 17.6% increase from 2022 to 2024. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both average home prices and rent prices for zip code 33174 over the next five years. Average home prices are projected to potentially reach around $550,000 by 2029, assuming a similar growth rate. Average rent prices could increase to approximately $1,900 per month in the same timeframe, following the upward trend observed in recent years.
In summary, zip code 33174 has experienced a shift towards renting, with homeownership rates declining as average home prices have significantly increased. Despite rising interest rates, home values have continued to appreciate, suggesting strong demand in this area. The rental market has also seen steady growth, both in terms of the percentage of renters and average rent prices. These trends indicate a dynamic and potentially competitive real estate market in this Florida zip code for the foreseeable future.
