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Zip Code 33432 in Boca Raton: Rising Home Values and Ownership Trends in a Coastal Paradise
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 33432, located in Boca Raton, Florida, is a dynamic area that has experienced significant changes in its real estate landscape over the past decade. This coastal community, known for its beautiful beaches and vibrant lifestyle, has seen fluctuations in homeownership rates and substantial increases in both average home prices and average rent prices.
The ownership percentage in zip code 33432 has shown some variability over the years, with a general upward trend from 2013 to 2019, followed by a slight decline. In 2013, the homeownership rate stood at 59%, increasing to a peak of 64% in 2019. However, by 2022, it had decreased to 58%. Concurrently, average home prices in the area have experienced a remarkable upward trajectory. In 2013, the average home price was $403,865, which more than doubled to $950,836 by 2022, representing a 135% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the generally expected trend. From 2013 to 2019, when interest rates were relatively low (ranging from 0.11% to 2.16%), homeownership rates increased from 59% to 64%. However, as interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), we see a corresponding decline in homeownership rates to 58% in 2022.
Renter percentages in zip code 33432 have inversely mirrored the homeownership trends, decreasing from 41% in 2013 to 36% in 2019, before rising again to 42% in 2022. Average rent prices have shown a consistent upward trend during this period. In 2013, the average rent was $1,489, which increased to $1,811 by 2022, representing a 21.6% increase. This rise in rent prices occurred despite fluctuations in the renter population, suggesting strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 33432 reached $983,162 in 2023 and further increased to $1,010,602 in 2024. This represents a continuation of the strong upward trend in home values. Interestingly, these price increases have occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 33432 to continue their upward trajectory, potentially reaching or exceeding $1,200,000 by 2029. Average rent prices are also likely to increase, potentially surpassing $2,000 per month within the same timeframe. These projections are based on the historical trends and assume relatively stable economic conditions.
In summary, zip code 33432 in Boca Raton has demonstrated strong growth in both average home prices and average rent prices over the past decade. While homeownership rates have fluctuated, they have generally remained above 55%. The area has shown resilience in its real estate market, with property values continuing to rise even in the face of increasing interest rates. This suggests a robust demand for housing in this desirable coastal location, which is likely to persist in the coming years.
