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Zip Code 33523: Ridge Manor's Rising Home Values and Ownership Rates Amid Market Fluctuations
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 33523, located in Ridge Manor, Florida, has experienced notable shifts in its housing market over the past decade. This area has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 33523 has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate was 69%, and after some fluctuations, it reached 77% in 2022, marking a substantial increase of 8 percentage points. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $87,648, and by 2022, it had surged to $246,660, representing a remarkable 181% increase over this period. The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, hovering around 67-70%. However, a significant jump in homeownership occurred in 2022, reaching 77%, coinciding with a rise in interest rates to 1.68%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rates alone.
Conversely, the renter population in zip code 33523 has decreased over time. The percentage of renters dropped from 31% in 2013 to 23% in 2022. Despite this decline, average rent prices have generally increased. In 2013, the average rent was $718, rising to $804 in 2022, an increase of about 12%. This upward trend in rent prices, despite a decreasing renter population, may indicate a tightening rental market or improvements in rental property quality.
Looking at the most recent data, the average home price in zip code 33523 continued its upward trajectory, reaching $259,174 in 2023 and further increasing to $268,270 in 2024. This represents a 5% increase from 2022 to 2023 and a 3.5% increase from 2023 to 2024. Interestingly, this growth occurred despite significantly higher interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33523 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $310,000 to $330,000, assuming a moderate annual growth rate of 3-4%. For rent prices, we expect a continued upward trend, with average rents potentially reaching $950 to $1,000 by 2029, based on historical increases and local market conditions.
In summary, zip code 33523 has demonstrated a strong trend towards homeownership, with significant increases in both ownership rates and average home prices. The rental market, while shrinking in terms of population, has seen moderate increases in average rent prices. These trends, combined with recent data showing continued home price appreciation despite higher interest rates, suggest a robust and dynamic housing market in this Florida community.
