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Zip Code 33330: Surging Home Values and High Ownership Rates 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 33330, located in Davie, Florida, is a suburban area characterized by high homeownership rates and steadily increasing property values. This analysis examines the trends in ownership versus renting, and their relationship to average housing and rent prices over the past decade.
The homeownership rate in zip code 33330 has shown a consistent upward trend, rising from 90% in 2013 to 94% in 2022. This increase in homeownership coincides with a substantial rise in average home prices, which grew from $432,289 in 2013 to $953,057 in 2022, representing a 120% increase over nine years. The strong correlation between rising homeownership rates and increasing home values suggests a robust and desirable housing market in this area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the steady increase in homeownership rates in zip code 33330, as more affordable financing options made purchasing homes more attractive to potential buyers. The slight dip in homeownership to 91% in 2020 may be attributed to the economic uncertainties of the COVID-19 pandemic, despite interest rates dropping to 0.38% that year.
Renter percentages in zip code 33330 have conversely decreased from 9% in 2013 to 6% in 2022. Despite this decline, average rent prices have shown a general upward trend, increasing from $2,162 in 2013 to $2,647 in 2022, a 22% rise over nine years. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory in an area dominated by homeowners. The population fluctuations, peaking at 16,853 in 2019 before declining to 14,071 in 2022, may have also influenced the rental market dynamics.
Looking at the most recent data, average home prices in zip code 33330 continued their upward trajectory, reaching $996,155 in 2023 and further climbing to $1,062,663 in 2024. This represents an 11.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these higher interest rates, which typically discourage homebuying, the continued rise in home prices suggests strong demand and limited supply in this zip code.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 33330 to continue their upward trajectory, potentially reaching around $1.3 million by 2029. This projection is based on the historical growth rate and assumes continued desirability of the area. Average rent prices are also expected to increase, potentially reaching approximately $3,000 per month by 2029, reflecting the area's overall property value appreciation and limited rental inventory.
In summary, zip code 33330 has demonstrated a strong trend towards homeownership, with rates increasing to 94% by 2022. This trend has been accompanied by significant growth in average home prices, more than doubling from 2013 to 2024. Despite rising interest rates in recent years, the housing market in this area remains robust, with prices continuing to climb. The rental market, while shrinking in terms of occupancy, has seen steady increases in average rent prices. These trends collectively paint a picture of a desirable suburban area with a strong preference for homeownership and consistently appreciating property values.
