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Zip Code 33190: Cutler Bay's Rising Home Values and Ownership Dynamics
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 33190, located in Cutler Bay, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and substantial increases in both average home prices and average rent prices. The homeownership rate in zip code 33190 has fluctuated over the years, showing an overall declining trend from 2013 to 2018, before rebounding slightly in recent years. In 2013, the homeownership rate was 56%, but it decreased to 43% by 2018. However, by 2022, it had recovered to 50%. Concurrently, average home prices have shown a consistent upward trend. In 2010, the average home price was $132,139, and by 2022, it had nearly tripled to $387,549, representing a substantial 193% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2010 and 2015 (ranging from 0.10% to 0.18%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined to their lowest point of 43%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 33190 have shown an inverse relationship to homeownership rates, increasing from 42% in 2013 to a peak of 54% in 2018, before slightly decreasing to 50% in 2022. Average rent prices have also seen a steady increase, rising from $1,432 in 2013 to $1,624 in 2022, a 13.4% increase. This trend in rent prices has occurred alongside population growth, with the area's population increasing from 8,161 in 2010 to 13,822 in 2022, potentially contributing to the upward pressure on rent prices.
In 2023 and 2024, the housing market in zip code 33190 continued its upward trajectory. The average home price reached $426,998 in 2023 and further increased to $451,760 in 2024, representing a 16.6% increase over two years. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, based on the historical trends and current market conditions, we can project continued growth in both average home prices and rent prices for zip code 33190 over the next five years. Average home prices could potentially reach around $550,000 by 2029, while average rent prices might increase to approximately $1,900 per month. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 33190 has experienced significant changes in its housing market, characterized by fluctuating homeownership rates, consistently rising average home prices, and steadily increasing average rent prices. The area has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. These trends, coupled with the area's population growth, suggest a robust and dynamic housing market in this Florida town.
