Loading Content...
Zip Code 33467: Rising Home Values and Shifting Ownership Trends in Greenacres, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33467, located in Greenacres, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen a gradual shift in homeownership rates, coupled with substantial fluctuations in average home prices and average rent prices. The overall trend shows a slight decrease in homeownership, while both average home prices and average rent prices have generally increased.
The homeownership rate in zip code 33467 has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 90%, which decreased to 86% by 2022. This decline coincides with a substantial increase in average home prices. In 2013, the average home price was $184,233, which rose dramatically to $468,992 by 2022, representing a 154% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained exceptionally low, ranging from 0.11% to 0.40%. During this period, homeownership rates remained relatively stable at around 87-88%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight dip in homeownership rates to 86-87%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 33467 has seen a gradual increase, rising from 10% in 2013 to 14% in 2022. This trend corresponds with the increase in average rent prices, which rose from $1,689 in 2013 to $1,719 in 2022. However, it's worth noting that rent prices have not increased as dramatically as home prices, potentially making renting a more attractive option for some residents. The population growth from 52,178 in 2013 to 55,689 in 2022 may have contributed to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 33467 reached $492,718 in 2023 and further increased to $507,850 in 2024. This represents a 5.1% increase from 2022 to 2023 and a 3.1% increase from 2023 to 2024, indicating a continued upward trend in home values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33467 will continue to rise, albeit at a potentially slower rate than observed in recent years. Based on the historical data and current market conditions, we project average home prices could reach approximately $600,000 by 2029. For average rent prices, we expect a more moderate increase, potentially reaching around $1,900 to $2,000 per month in the next five years.
In summary, zip code 33467 has experienced a gradual shift towards a slightly higher percentage of renters, driven by substantial increases in average home prices and moderate increases in average rent prices. The interplay between federal interest rates, home prices, and rental rates has shaped the real estate landscape in this area. As we move forward, the continued rise in both home prices and interest rates may further influence the balance between homeownership and renting in this Florida community.
