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Zip Code 33549: Rising Home Values and Stable Ownership in Lutz, 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
Zip code 33549, located in Lutz, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual shift in its housing market dynamics, reflecting broader economic trends and local demographic changes.
The homeownership rate in zip code 33549 has shown some fluctuation but has generally remained stable, ranging from 67% to 72% between 2013 and 2022. In 2013, the homeownership rate was 72%, which decreased to 67% by 2022. This slight decline in homeownership corresponds with a substantial increase in average home prices. In 2013, the average home price was $170,803, which more than doubled to $411,830 by 2022, representing a 141% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained relatively stable at around 70-72%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates to 67%. This trend aligns with the general expectation that higher interest rates can make home purchases less affordable, potentially leading to lower homeownership rates.
Renter percentages in zip code 33549 have shown a slight increase, moving from 28% in 2013 to 33% in 2022. This increase in renters corresponds with a rise in average rent prices. In 2013, the average rent was $1,109, which increased to $1,292 by 2022, representing a 16.5% increase over nine years. It's worth noting that the population in this zip code has also grown during this period, from 16,426 in 2013 to 19,592 in 2022, which may have contributed to the increased demand for rental properties.
Looking at the most recent data, average home prices in zip code 33549 continued to rise in 2023 and 2024, reaching $429,736 and $444,350 respectively. This represents a further 7.9% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests that other factors, such as local demand or housing supply constraints, may be outweighing the potential dampening effect of higher interest rates on home prices in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33549 will continue to rise, albeit at a potentially slower rate than seen in recent years. Based on historical trends and current market conditions, average home prices could reach approximately $500,000 to $550,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,500 to $1,600 per month by 2029.
In summary, zip code 33549 has experienced a notable increase in both average home prices and average rent prices over the past decade, with a slight shift towards more renters. Despite rising interest rates, home prices have continued to climb, indicating strong local demand for housing. The area's growing population and the overall trend of increasing property values in Florida are likely to continue influencing the housing market in this zip code in the coming years.
