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Zip Code 33637: Tripling Home Values and Shifting Ownership Trends in Temple Terrace, 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 33637, located in Temple Terrace, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in zip code 33637 has shown a gradual decline from 2013 to 2022. In 2013, homeowners occupied 47% of housing units, but by 2022, this figure had decreased to 46%. This slight downward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $95,396, which rose dramatically to $283,222 by 2022, representing a 197% increase over nine years.
Federal interest rates have played a role in shaping homeownership trends in this zip code. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 46-47%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates experienced some fluctuation, dropping to a low of 39% in 2018 before recovering to 46% in 2022.
The renter percentage in zip code 33637 has shown an inverse relationship to homeownership rates, increasing from 53% in 2013 to 54% in 2022. This trend aligns with the rise in average rent prices, which increased from $1,073 in 2013 to $1,174 in 2022, a 9.4% increase over the period. The population growth from 15,471 in 2013 to 16,695 in 2022 likely contributed to the increased demand for rental properties, supporting the upward trend in both renter percentages and average rent prices.
In 2023 and 2024, the housing market in zip code 33637 continued to evolve. The average home price reached $297,038 in 2023 and further increased to $308,822 in 2024, representing a 9% growth over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 33637 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 33637 has experienced a slight decrease in homeownership rates alongside a significant increase in average home prices over the past decade. Renter percentages have marginally increased, accompanied by moderate growth in average rent prices. The area has shown resilience in its housing market, with both home prices and rent prices demonstrating upward trends despite fluctuations in interest rates and economic conditions.
