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Zip Code 33184: Rising Home Values and Shifting Ownership in Tamiami, 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 33184, located in Tamiami, Florida, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a gradual decrease in homeownership alongside substantial increases in average home prices and average rent costs.
The homeownership rate in zip code 33184 has shown a declining trend from 2013 to 2022. In 2013, the area had a homeownership rate of 76%, which gradually decreased to 70% by 2022. During this same period, average home prices experienced a substantial increase. In 2013, the average home price was $199,061, which rose dramatically to $483,775 by 2022, representing a 143% 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 in the area.
Federal interest rates have played a role in homeownership trends in zip code 33184. From 2013 to 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates remained relatively stable, ranging from 76% to 71%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 72-74%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) didn't immediately reverse the downward trend in homeownership, likely due to other economic factors and the rapid increase in home prices during this period.
The percentage of renters in zip code 33184 has increased from 23% in 2013 to 30% in 2022, mirroring the decline in homeownership. Average rent prices have also shown an upward trend, rising from $1,598 in 2013 to $1,765 in 2022, an increase of about 10.5%. This increase in rent prices, while significant, was not as dramatic as the rise in home prices. The population in the area fluctuated during this period, peaking at 23,585 in 2017 before declining to 21,489 in 2022, which may have influenced the demand for rental properties.
In 2023, the average home price in zip code 33184 reached $528,580, a further increase of 9.3% from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than previous years. Moving into 2024, the average home price has continued to rise, reaching $564,582, while the federal interest rate has slightly increased to 5.33%. These high interest rates combined with rising home prices may further impact homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33184 may continue to rise over the next five years, potentially reaching around $700,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $2,000 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 33184 has experienced a gradual shift towards renting, with homeownership rates declining as average home prices have significantly increased. The area has seen substantial property value appreciation, which has outpaced the growth in average rent prices. The interplay between federal interest rates, housing prices, and demographic changes continues to shape the residential landscape of this Florida community.
