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Zip Code 33328: Rising Home Values and Shifting Ownership in Davie, 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 33328, located in Davie, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This analysis explores these trends and their interrelationships. The homeownership rate in zip code 33328 has shown a slight decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 83%, which gradually decreased to 79% by 2019. However, there was a rebound to 82% in 2020, which has remained stable through 2022. Concurrently, average home prices have seen a substantial increase. In 2013, the average home price was $264,904, which steadily rose to $567,169 by 2022, representing a 114% 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 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable at around 83%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership rates, dropping to 79% by 2019 when interest rates reached 2.16%.
Renter percentages in zip code 33328 have shown a modest increase from 17% in 2013 to 18% in 2022, with a peak of 21% in 2018. Average rent prices have also experienced significant growth during this period. In 2013, the average rent was $1,554, which increased to $2,118 by 2022, representing a 36% increase. The population in the zip code has grown from 27,941 in 2013 to 30,308 in 2022, potentially contributing to the upward pressure on rent prices.
Looking at the most recent data, average home prices in zip code 33328 continued to rise in 2023 and 2024, reaching $605,986 and $638,255 respectively. This represents a 12.5% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, suggesting strong demand in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33328 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $750,000 to $800,000. Average rent prices are also expected to increase, potentially reaching $2,500 to $2,700 per month by 2029, driven by population growth and increased housing costs.
In summary, zip code 33328 has demonstrated robust growth in both average home prices and average rent prices over the past decade. While homeownership rates have slightly decreased, they remain high at 82%. The area has shown resilience in its housing market, with prices continuing to appreciate even in the face of rising interest rates. These trends suggest a strong and desirable housing market in this zip code, with potential for continued growth in the coming years.
