Renter percentages in zip code 33701 have shown a slight decrease, from 65% in 2013 to 62% in 2022. Despite this minor decline, average rent prices have risen significantly. In 2013, the average rent was $959, which increased to $1,248 by 2022, representing a 30.1% increase. The most substantial annual increase occurred between 2020 and 2021, when average rent jumped from $1,272 to $1,350, a 6.1% rise. The growing population, which increased from 13,610 in 2013 to 17,168 in 2022, likely contributed to the upward pressure on rent prices.

In 2023 and 2024, average home prices in zip code 33701 continued to rise, albeit at a slower pace. The average home price reached $715,427 in 2023 and slightly increased to $715,797 in 2024. This represents a mere 0.05% increase from 2023 to 2024, suggesting a potential stabilization in the housing market. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slowdown in home price appreciation.

Looking ahead, predictive models suggest that average home prices in zip code 33701 may continue to increase over the next five years, but at a more moderate pace compared to the rapid growth seen in the early 2020s. Average rent prices are also expected to rise, driven by the area's growing population and continued demand for housing. However, the rate of increase for both home prices and rents may be tempered by higher interest rates and potential market saturation.

In summary, zip code 33701 has experienced significant growth in both population and housing costs over the past decade. The area has seen a slight increase in homeownership, despite rapidly rising home prices. Rent prices have also increased substantially, though at a slower rate than home prices. The recent slowdown in home price appreciation and the impact of rising interest rates suggest a potential shift towards a more balanced housing market in the coming years.