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Zip Code 33493: South Bay's Shifting Home Values and Ownership Trends
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 33493, located in South Bay, Florida, presents an interesting case study of housing dynamics in a small urban area. Over the past decade, this region has experienced significant shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions.
The ownership percentage in zip code 33493 has fluctuated notably between 2013 and 2022. In 2013, homeownership stood at 40%, but declined to a low of 32% in 2017-2019. However, there was a rebound to 42% by 2022. Concurrently, average home prices have shown a consistent upward trend. From 2013 to 2022, average home prices increased from $68,700 to $195,314, representing a substantial 184% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership actually decreased from 40% to 35%. However, when interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased to 42%. This suggests that local factors may have played a more significant role in homeownership trends than national interest rates in this particular area.
Renter percentages in zip code 33493 have shown an inverse relationship to homeownership rates, peaking at 68% from 2017 to 2019 before declining to 58% in 2022. Average rent prices have been volatile, ranging from a low of $706 in 2017 to a high of $971 in 2021, before settling at $813 in 2022. The population growth from 5,370 in 2013 to 6,141 in 2022 may have contributed to the overall increase in both home prices and rent, despite some year-to-year fluctuations.
In 2023 and 2024, average home prices in zip code 33493 continued their upward trajectory, reaching $202,399 in 2023 before slightly decreasing to $199,792 in 2024. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 33493 may continue to rise over the next five years, albeit at a more moderate pace. Given the recent slight decrease in 2024, we might expect average home prices to reach around $220,000 to $230,000 by 2029. Average rent prices are also projected to increase, potentially reaching $900 to $950 per month in the same timeframe, assuming continued population growth and economic stability in the area.
In summary, zip code 33493 has demonstrated a complex interplay between homeownership rates, property values, and rental markets. The area has seen a significant appreciation in home values, a recent rebound in homeownership rates, and fluctuating but generally increasing rent prices. These trends, coupled with population growth and the area's resilience to rising interest rates, suggest a dynamic and potentially attractive real estate market in this Florida zip code.
