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Zip Code 33321: Rising Home Values and Stable Ownership in Tamarac, 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 33321, located in Tamarac, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience in maintaining a relatively high rate of homeownership while navigating fluctuations in the housing market.
The homeownership rate in zip code 33321 has remained relatively stable, with a slight decline from 77% in 2013 to 74% in 2022. During this period, average home prices have seen substantial growth. In 2013, the average home price was $102,875, which increased dramatically to $288,824 by 2022, representing a 180.8% increase over nine years. This trend suggests that despite rising home values, residents in this area have largely maintained their ability to own homes.
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 slightly decreased from 77% to 73%. However, as interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized at 73%. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership in this area than interest rates alone.
The renter population in zip code 33321 has shown a slight increase, from 23% in 2013 to 26% in 2022. Concurrently, average rent prices have risen from $1,355 in 2013 to $1,537 in 2022, an increase of 13.4%. This modest rise in rent prices, compared to the more dramatic increase in home values, may have contributed to the stability of the renter population. The area's population growth, from 41,363 in 2013 to 47,268 in 2022, likely influenced the demand for rental properties and subsequent rent increases.
In 2023 and 2024, the housing market in zip code 33321 continued to show strength. The average home price reached $315,581 in 2023 and further increased to $328,101 in 2024, representing a 13.6% growth over two years. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow housing market growth.
Looking ahead, predictive models suggest that average home prices in zip code 33321 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the area's desirability. However, the rate of increase may be more moderate compared to home prices, potentially making renting an increasingly attractive option for some residents.
In summary, zip code 33321 has demonstrated a robust housing market with significant appreciation in home values while maintaining a high rate of homeownership. The area has also seen steady growth in rent prices and a slight increase in the renter population. These trends, combined with population growth and the area's ability to withstand rising interest rates, suggest a dynamic and resilient real estate market in this Tamarac zip code.
