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Zip Code 33563: Rising Home Values and Ownership in Plant City's Strawberry Hub
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 33563, located in Plant City, Florida, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and fluctuations in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 33563 has shown a gradual increase over the years. In 2013, 56% of residents were homeowners, and this figure rose to 59% by 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $82,436, which more than tripled to $268,594 by 2022. This dramatic rise in home values may have incentivized more residents to invest in homeownership, despite the increasing costs.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained below 0.5%, which likely contributed to the steady homeownership rate of 55% during this period. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to increase, reaching 59% in 2022. This suggests that other factors, such as local economic conditions and housing market dynamics, may have outweighed the impact of rising interest rates on homeownership decisions in this zip code.
The renter population in zip code 33563 has seen a slight decrease, from 44% in 2013 to 41% in 2022. Interestingly, average rent prices have shown a general upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $985, which decreased to $908 in 2018 before rising again to $1,036 in 2022. The slight decrease in the renter population, despite rising rent prices, could be attributed to the area's growing population, which increased from 24,858 in 2013 to 25,977 in 2022, potentially creating more opportunities for homeownership.
Looking at the most recent data, the average home price in zip code 33563 continued to rise, reaching $280,329 in 2023 and $289,048 in 2024. This represents a 4.4% increase from 2022 to 2023 and a further 3.1% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33563 will continue to rise, albeit at a potentially slower rate due to the higher interest rates. We project that by 2029, average home prices could reach approximately $350,000 to $375,000. For average rent prices, we expect a continued upward trend, potentially reaching $1,200 to $1,300 per month by 2029, assuming current economic conditions and population growth trends persist.
In summary, zip code 33563 has experienced a steady increase in homeownership rates despite rising home prices, suggesting a strong local housing market. The area has seen substantial growth in property values, with average home prices more than tripling from 2013 to 2022. While renter percentages have slightly decreased, average rent prices have generally trended upward. The recent sharp increases in federal interest rates may influence future homeownership trends, but the continued rise in home values indicates ongoing demand in this Plant City, Florida zip code.
