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Zip Code 33308: Rising Home Values and Stable Ownership in Fort Lauderdale's Coastal Haven
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 33308, located in Fort Lauderdale, Florida, is a dynamic area covering 4.89 square miles. This coastal community has experienced fluctuating trends in homeownership, average home prices, and average rent prices over the past decade. The area has maintained a relatively high rate of owner-occupied housing, while seeing significant increases in both average home values and average rent prices.
The homeownership rate in zip code 33308 has remained relatively stable, with some minor fluctuations. In 2013, the homeownership rate was 68%, and by 2022, it had slightly increased to 69%. During this period, average home prices saw a substantial rise. In 2013, the average home price was $270,166, and by 2022, it had nearly doubled to $533,597, representing a 97.5% increase over nine years. This trend suggests that despite rising home prices, the area has maintained its appeal to homeowners.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in the zip code remained relatively stable, hovering around 66-68%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates showed slight fluctuations but generally remained in the 67-68% range. This resilience in homeownership rates, even as interest rates increased, suggests other factors such as the desirability of the area may have a strong influence on homeownership in this zip code.
Renter percentages in zip code 33308 have shown slight variations over the years, generally ranging between 30% and 35%. In 2013, the renter-occupied rate was 31%, and by 2022, it remained at 31%. During this period, average rent prices increased significantly. In 2013, the average rent was $1,333, and by 2022, it had risen to $1,494, an increase of 12.1%. The population in the zip code has fluctuated, from 26,981 in 2013 to 28,463 in 2022, which may have contributed to the demand for rental properties and the subsequent increase in average rent prices.
In 2023 and 2024, the average home prices in zip code 33308 continued to rise. The average home price reached $571,359 in 2023 and further increased to $582,058 in 2024, representing a 9.1% increase from 2022 to 2024. This growth occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, potentially driven by factors such as location desirability or local economic conditions.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices in zip code 33308. Assuming the current economic conditions and local market factors remain relatively stable, we might expect average home prices to continue appreciating, potentially reaching the $650,000 to $700,000 range by 2029. Average rent prices may also continue to increase, possibly reaching $1,700 to $1,800 per month by 2029.
In summary, zip code 33308 in Fort Lauderdale has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has maintained a consistent balance between owner-occupied and renter-occupied housing, with both sectors seeing price appreciation. The continued rise in both average home prices and average rent prices, even in the face of increasing interest rates, suggests strong demand for housing in this zip code. These trends indicate that the area remains attractive to both homeowners and renters, likely due to its desirable location and local amenities.
