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Zip Code 33351: Sunrise's Housing Market Trends and Average Home Values
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 33351, located in Sunrise, Florida, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, spanning 5.95 square miles, has seen a notable transition in its real estate landscape, with average home prices and average rent costs showing distinct trends alongside changes in the proportion of owners and renters.
The homeownership rate in zip code 33351 has fluctuated over the years, with a general downward trend from 2013 to 2017, followed by a slight recovery. In 2013, the area had a 62% homeownership rate, which declined to 53% by 2017. However, by 2022, the rate had increased to 59%. This trend correlates interestingly with average home prices, which have shown a consistent upward trajectory. The average home price in 2013 was $121,406, rising dramatically to $341,738 by 2022, representing a 181% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. Despite these favorable borrowing conditions, homeownership rates continued to decline, suggesting other factors were at play, such as rapidly increasing home prices potentially outpacing income growth. The slight recovery in homeownership rates from 2017 to 2022 occurred despite gradually rising interest rates, indicating a complex interplay of factors influencing home buying decisions in this zip code.
The renter population in zip code 33351 has shown an inverse relationship to homeownership rates, naturally increasing as homeownership declined. The percentage of renters rose from 38% in 2013 to a peak of 47% in 2017, before settling at 41% in 2022. Average rent prices have generally increased over this period, from $1,434 in 2013 to $1,632 in 2022, a 13.8% increase. However, the rate of increase in rent prices has been much slower than that of home prices, potentially making renting a more attractive option for some residents.
In 2023 and 2024, the real estate market in zip code 33351 continued its upward trajectory. The average home price reached $370,502 in 2023 and further increased to $389,152 in 2024, representing a 5.3% year-over-year increase. This growth occurred despite significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and average rent costs in zip code 33351 over the next five years. Home prices are projected to increase by approximately 5-7% annually, potentially reaching around $520,000 by 2029. Average rent prices are expected to rise more modestly, at about 2-3% per year, potentially reaching $1,850 by 2029.
In summary, zip code 33351 has experienced a significant increase in property values over the past decade, with a slight recovery in homeownership rates after an initial decline. The area has maintained a relatively balanced mix of owners and renters, adapting to changing economic conditions. The continued rise in both home prices and rent costs, even in the face of higher interest rates, suggests a strong and resilient real estate market in this Sunrise neighborhood.
