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Zip Code 33626: Rising Home Values and Stable Ownership in Westchase, 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 33626, located in Westchase, Florida, has experienced significant changes in its real estate landscape over the past decade. This area has seen fluctuations in homeownership rates, along with consistent increases in both average home prices and average rent prices. The interplay between these factors offers insight into the evolving housing market dynamics of this community.
From 2013 to 2022, the homeownership rate in zip code 33626 experienced some fluctuation. It started at 69% in 2013, decreased to a low of 63% in 2016 and 2017, and then rebounded to 68% by 2022. During this same period, average home prices showed a steady upward trend. In 2013, the average home price was $272,391, and by 2022, it had more than doubled to $556,277. This substantial increase in home values did not seem to significantly deter homeownership in the long term, as the ownership rate remained relatively stable over the decade.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates actually decreased from 69% to 63%. However, as interest rates began to rise more substantially from 2017 (1.00%) to 2019 (2.16%), homeownership rates started to recover, reaching 66% in 2019. This suggests that other local factors may have had a stronger influence on homeownership than interest rates alone in this particular area.
Renter percentages in zip code 33626 showed an inverse relationship to homeownership rates, naturally. The percentage of renters increased from 31% in 2013 to a peak of 37% in 2017, before declining to 33% by 2022. Interestingly, average rent prices generally increased during this period, rising from $1,565 in 2013 to $1,821 in 2022. This trend suggests that the rental market remained strong despite fluctuations in the renter population, possibly due to the area's growing overall population, which increased from 26,795 in 2013 to 30,674 in 2022.
Looking at the most recent data, the average home price in zip code 33626 continued its upward trajectory, reaching $575,939 in 2023 and $588,014 in 2024. This represents a 3.5% increase from 2022 to 2023 and a further 2.1% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, jumping from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home and rent prices for zip code 33626. Based on historical data and current market conditions, average home prices could potentially reach around $650,000 to $700,000 by 2029. Average rent prices might increase to approximately $2,100 to $2,300 per month in the same timeframe. However, these projections should be considered in the context of broader economic factors and local market conditions.
In summary, zip code 33626 has demonstrated resilience in its housing market over the past decade. Despite significant increases in average home prices and fluctuations in interest rates, homeownership rates have remained relatively stable. The rental market has also shown strength, with rising average rents even as the proportion of renters fluctuated. The area's growing population and desirability likely contribute to the upward pressure on both home prices and rents. As we look to the future, the interplay between rising interest rates, continued population growth, and housing affordability will be crucial factors shaping the real estate landscape of this Florida community.
