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Zip Code 33615: Rising Home Values and Stable Ownership in Town 'n' Country, 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 33615, located in Town 'n' Country, Florida, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, characterized by its suburban feel and proximity to Tampa, has seen a dynamic real estate market with fluctuating trends in ownership and rental patterns.
The homeownership rate in zip code 33615 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 55%, and by 2022, it had decreased marginally to 54%. During this period, average home prices in the area experienced substantial growth. In 2013, the average home price was $108,034, which steadily increased to $336,109 by 2022, representing a remarkable 211% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 55%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), there was a slight decline in homeownership, dropping to 52% in 2019. However, when interest rates plummeted again in 2020 (0.38%) and 2021 (0.08%), homeownership rates rebounded to 53% and 54% respectively, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 33615 have shown a slight upward trend, increasing from 44% in 2013 to 46% in 2022. This trend coincides with a steady rise in average rent prices. In 2013, the average rent was $1,186, which increased to $1,259 by 2022, representing a 6.2% increase over nine years. The population growth in the area, from 45,220 in 2013 to 49,897 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the real estate market in zip code 33615 continued to evolve. The average home price in 2023 was $352,334, showing a 4.8% increase from 2022. In 2024, the average home price further rose to $367,594, indicating a 4.3% increase from 2023. Interestingly, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, potentially driven by factors such as local economic growth or migration patterns.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 33615. Assuming the current trajectory continues, average home prices could potentially reach around $450,000 by 2029, representing a roughly 22% increase from 2024 prices. Average rent prices, if following the same growth rate observed between 2013 and 2022, could potentially rise to approximately $1,400 by 2029.
In summary, zip code 33615 has demonstrated a resilient and growing real estate market over the past decade. While homeownership rates have remained relatively stable, average home prices have seen substantial appreciation. The rental market has also shown steady growth, both in terms of renter percentages and average rent prices. The area's ability to maintain price growth even in the face of rising interest rates suggests a robust local housing market with strong underlying demand.
