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Zip Code 33604: Tampa's Real Estate Transformation - Average Home Values Quadruple in a Decade
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 33604, located in Tampa, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a notable shift from a balanced rental and ownership market to one increasingly dominated by homeowners, alongside substantial growth in average home prices and average rent costs.
The homeownership rate in zip code 33604 has shown a steady increase from 2013 to 2022. In 2013, 54% of housing units were owner-occupied. This figure dipped slightly to 49% in 2017 but then rebounded strongly, reaching 59% by 2022. This upward trend in homeownership coincided with a dramatic rise in average home prices. In 2013, the average home price was $75,890. By 2022, this figure had skyrocketed to $304,526, representing a remarkable 301% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates actually decreased slightly from 54% to 50%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates also increased, reaching 59% by 2022 when the interest rate was 1.68%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership rates in this area than interest rates alone.
Renter percentages in zip code 33604 have shown an inverse relationship to homeownership rates, decreasing from 46% in 2013 to 41% in 2022. Despite this decrease in the proportion of renters, average rent prices have generally trended upward. In 2013, the average rent was $1,029. This figure fluctuated somewhat over the years but ultimately rose to $1,054 by 2022, an increase of about 2.4%. It's worth noting that the population in this zip code also grew during this period, from 37,177 in 2013 to 39,546 in 2022, which may have contributed to the upward pressure on rent prices despite the decreasing percentage of renters.
Looking at the most recent data, average home prices in zip code 33604 continued to rise in 2023 and 2024, reaching $316,446 and $330,272 respectively. This represents a 3.9% increase from 2022 to 2023 and a further 4.4% increase from 2023 to 2024. Interestingly, these increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 33604 to continue their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, zip code 33604 has seen a significant shift towards homeownership, with the rate increasing from 54% to 59% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, which more than quadrupled during the same period. Despite a decrease in the proportion of renters, average rent prices have also increased, albeit more modestly. The area has shown resilience to rising interest rates, with both homeownership rates and property values continuing to climb. If these trends persist, we can expect further increases in both home values and rent prices in the coming years.
