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Zip Code 33478: Rising Home Values and Ownership Rates in Jupiter Farms's Rural Oasis
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
Jupiter Farms, located in zip code 33478 in Florida, has experienced significant changes in its real estate landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area, providing insights into the local housing market dynamics. The homeownership rate in Jupiter Farms has shown a consistent upward trend from 2013 to 2022. In 2013, the ownership rate was 90%, which steadily increased to 96% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $302,426, which more than doubled to $765,511 by 2022. This correlation suggests that despite rising home prices, the area has remained attractive to homebuyers, possibly due to its desirable location or other local factors.
Federal interest rates have played a role in homeownership trends in Jupiter Farms. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership increased from 90% to 91%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to increase, reaching 95% in 2019. This trend suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have had a stronger influence on homeownership in this area.
The renter population in Jupiter Farms has remained relatively small, fluctuating between 3% and 5% from 2013 to 2022. Despite this small percentage, average rent prices have shown considerable variation. In 2013, the average rent was $1,709, which decreased to $1,497 in 2018 before rising again to $1,850 in 2022. The population growth from 12,744 in 2013 to 15,125 in 2022 may have contributed to the overall increase in rent prices, despite the low percentage of renters.
In 2023, the average home price in Jupiter Farms reached $792,423, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $830,114, while interest rates have risen slightly to 5.33%. These figures indicate a continuing upward trend in home values, even in the face of higher interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Jupiter Farms will continue to rise, potentially reaching around $1 million by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of about $2,100 per month by 2029, assuming the area maintains its current balance of homeowners and renters.
The most significant discoveries in this analysis are the strong and consistent increase in homeownership rates and average home prices in Jupiter Farms. Despite rising home prices and fluctuating interest rates, the area has maintained a high rate of homeownership, suggesting strong local demand for housing. The rental market, while small, has shown resilience with gradually increasing average rents. These trends point to a robust and desirable real estate market in zip code 33478, with potential for continued growth in both home values and rental prices over the next five years.
