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Zip Code 33634: Rising Home Values and Shifting Ownership Trends 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 33634, located in Town 'n' Country, Florida, has experienced significant changes in housing dynamics over the past decade. This area has seen fluctuations in homeownership rates and substantial increases in both average home prices and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 33634 has shown a gradual decline from 2013 to 2022. In 2013, 58% of housing units were owner-occupied, while by 2022, this figure had decreased to 55%. This trend coincides with a remarkable increase in average home prices. In 2013, the average home price was $109,959, but by 2022, it had soared to $340,746, representing a 210% increase over nine years. This substantial rise in home prices may have contributed to the slight decrease in homeownership, as affordability became a growing concern for potential buyers.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained relatively low, ranging from 0.11% to 0.40%. During this period, homeownership rates in the zip code remained relatively stable, hovering around 59%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observe a corresponding decrease in homeownership rates, dropping to 55% by 2019. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in zip code 33634 has also experienced notable changes. The percentage of renter-occupied units increased from 42% in 2013 to 45% in 2022. This rise in renters corresponds with an increase in average rent prices. In 2013, the average rent was $1,163, which rose to $1,304 by 2022, representing a 12.1% increase. The growing renter population and rising rent prices may be attributed to the area's increasing population density, which grew from 2,343.25 people per square mile in 2013 to 2,678.89 in 2022, indicating a higher demand for housing in the area.
As of 2024, the average home price in zip code 33634 has reached $372,725, continuing the upward trend observed in previous years. This represents a 4.3% increase from 2023's average price of $357,318. Concurrently, the federal interest rate in 2024 stands at 5.33%, slightly higher than the 2023 rate of 5.02%. These figures indicate a continued robust housing market despite elevated interest rates, suggesting strong demand in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33634 may continue to rise over the next five years, potentially reaching around $450,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially reaching approximately $1,500 by 2029, reflecting the area's growing population and demand for housing.
In summary, zip code 33634 has experienced a gradual shift towards a higher proportion of renters, coupled with substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, local population growth, and housing affordability has shaped these trends. As the area continues to develop, it's likely to see further changes in its housing market dynamics, with potential implications for both homeowners and renters in the coming years.
