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Zip Code 33470: Rising Home Values and Ownership in The Acreage, Florida
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
The Acreage, situated in zip code 33470 in Florida, is a distinctive suburban community characterized by its spacious residential lots and rural ambiance. This area has undergone notable shifts in homeownership rates, average home prices, and average rent prices over the last decade.
Homeownership in zip code 33470 has seen a significant increase from 88% in 2018 to 92% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $367,248 in 2018 to $598,422 in 2022, marking a 63% increase over four years. The correlation between rising homeownership rates and increasing average home prices indicates a strong demand for property ownership in the area, despite the higher costs.
Federal interest rates have played a crucial role in homeownership trends. In 2020, when interest rates dropped to 0.38%, the homeownership rate in zip code 33470 increased from 88% to 90%. This aligns with the established trend that lower interest rates generally encourage homeownership due to more affordable financing options. Notably, even as interest rates rose to 1.68% in 2022, homeownership in the area continued to increase to 92%, suggesting other factors contributing to the area's desirability.
The renter percentage in zip code 33470 has decreased from 11% in 2018 to 8% in 2022. During this period, average rent prices fluctuated, rising from $1,873 in 2018 to $2,189 in 2021, before slightly decreasing to $1,962 in 2022. The population growth from 29,026 in 2018 to 34,098 in 2022 suggests that despite the overall increase in housing costs, the area remained attractive to new residents, with a preference for homeownership over renting.
In 2023, the average home price in zip code 33470 reached $623,057, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $651,365, while interest rates have slightly risen to 5.33%. These figures demonstrate a continuing upward trend in home values, even in the face of higher interest rates, indicating strong demand and possibly limited housing supply in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 33470 will continue to rise, potentially reaching around $800,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, a more moderate increase is expected, potentially reaching approximately $2,400 per month by 2029, assuming the current balance between supply and demand for rental properties remains relatively stable.
In summary, zip code 33470 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The area has shown resilience to fluctuating interest rates, maintaining its appeal to both homeowners and a smaller proportion of renters. The continued rise in population and home values suggests that The Acreage remains an attractive location for residents seeking a suburban lifestyle with spacious properties.
