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Zip Code 33596: Rising Home Values and Ownership Trends in Valrico, 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 33596, located in Valrico, Florida, has experienced significant changes in its housing market over the past decade. This area has maintained a high rate of homeownership, with average home prices showing a consistent upward trend. The community has also seen fluctuations in its rental market, reflecting broader economic shifts and local demographic changes.
The homeownership rate in zip code 33596 has remained relatively stable, with a slight overall decline from 87% in 2013 to 82% in 2022. During this period, average home prices have shown a remarkable increase. In 2013, the average home price was $206,227, which steadily rose to $461,397 by 2022, representing a 123.7% increase over nine years. This substantial appreciation in home values, despite a minor decrease in homeownership rates, suggests a strong and desirable housing market in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates in the zip code remained high, around 84-87%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership to 82%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in zip code 33596 has shown interesting trends. The percentage of renters increased from 13% in 2013 to 18% in 2022. Concurrently, average rent prices rose from $1,878 in 2013 to $2,003 in 2022, an increase of 6.7%. However, this increase was not linear. There was a notable jump in average rent from $1,998 in 2020 to $2,122 in 2021, followed by a slight decrease to $2,003 in 2022. These fluctuations may be attributed to changes in population density, which peaked in 2020 at 2,233.36 people per square mile before declining to 2,079.39 in 2022.
Looking at the most recent data, the average home price in zip code 33596 reached $473,501 in 2023 and further increased to $481,517 in 2024. This continuous appreciation indicates a robust housing market. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33596 will continue to rise, potentially reaching around $550,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $2,300 by 2029, assuming the area maintains its current balance between homeownership and rental properties.
In summary, zip code 33596 has demonstrated a strong housing market characterized by steadily increasing home values and a slight shift towards more rentals. The area has maintained high homeownership rates despite rising home prices, indicating its desirability as a residential location. The interplay between federal interest rates, home prices, and rental trends suggests a dynamic market responsive to both local and national economic factors. As the community continues to evolve, it will be interesting to observe how these trends develop, particularly in light of the recent increases in both home prices and interest rates.
