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Zip Code 33435: Boynton Beach's Housing Market Sees Soaring Home Values Amidst Ownership Fluctuations
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 33435, located in Boynton Beach, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a dynamic real estate market with fluctuating trends in ownership and rental patterns.
The homeownership rate in zip code 33435 has seen a slight decline followed by a recovery in recent years. In 2013, the homeownership rate stood at 65%, but it decreased to 58% by 2018. However, there has been a gradual increase since then, with the rate reaching 62% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $94,129, which steadily increased to $177,037 by 2018. As home prices continued to rise, reaching $295,332 in 2022, the homeownership rate also began to recover.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), the homeownership rate declined slightly. However, as interest rates began to rise from 2017 to 2019 (1% to 2.16%), the homeownership rate stabilized around 59%. Interestingly, when interest rates dropped significantly in 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate started to increase again, reaching 61% in 2021 and 62% in 2022.
The renter percentage in zip code 33435 has shown an inverse relationship to homeownership rates, naturally. It increased from 35% in 2013 to a peak of 42% in 2018, before declining slightly to 38% in 2022. Average rent prices have generally increased during this period, rising from $1,266 in 2013 to $1,517 in 2022. The population of the zip code has also grown from 32,757 in 2013 to 35,840 in 2022, which may have contributed to the upward pressure on rent prices.
In 2023 and 2024, the average home prices in zip code 33435 continued to rise, reaching $307,068 in 2023 and $311,785 in 2024. This represents a significant increase from the 2022 average of $295,332. Concurrently, federal interest rates have also increased substantially, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 33435 may continue to increase over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $350,000 by 2029. Average rent prices are also likely to continue their upward trajectory, possibly reaching approximately $1,750 per month in the same timeframe.
In summary, zip code 33435 has demonstrated a resilient housing market with recovering homeownership rates despite rising home prices. The interplay between interest rates, home prices, and rental trends has shaped a dynamic real estate landscape in this Boynton Beach area. The recent surge in both home prices and interest rates will likely play a crucial role in determining future homeownership and rental patterns in this Florida zip code.
