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Zip Code 33469: Tequesta's Soaring Home Values and Ownership Rates
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 33469, located in Tequesta, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its picturesque coastal setting, has seen a general trend of increasing homeownership and rising property values.
The homeownership rate in zip code 33469 has shown a steady increase from 82% in 2013 to 88% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $254,261, which grew to $680,059 by 2022, representing a remarkable 167.5% increase over nine years. This trend suggests a strong correlation between rising property values and increased homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 82% to 89%. The affordable financing options during this time likely contributed to the growing number of homeowners in the zip code.
As homeownership rates increased, the percentage of renters in zip code 33469 decreased from 18% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices showed an upward trend. The average rent price rose from $1,619 in 2013 to $1,817 in 2022, an increase of 12.2%. This trend suggests that even with fewer renters, the demand for rental properties remained strong, possibly due to the area's desirability and the rising cost of homeownership.
In 2023 and 2024, the housing market in zip code 33469 continued to evolve. The average home price reached $706,248 in 2023 and further increased to $729,893 in 2024, showing a continued upward trajectory. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 33469 could potentially reach or exceed $800,000 by 2029. Similarly, average rent prices may surpass $2,000 per month within the same timeframe, assuming the current growth rate persists.
In summary, zip code 33469 has demonstrated a clear trend of increasing homeownership rates, rapidly rising average home prices, and steadily increasing average rent prices. The area has shown resilience in its housing market, with property values appreciating significantly despite fluctuations in the broader economic environment. The interplay between federal interest rates, homeownership rates, and property values highlights the dynamic nature of the local real estate market in Tequesta.
