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Zip Code 33702: Rising Home Values and Ownership Trends in St. Petersburg's Coastal Real Estate Market
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 33702, located in St. Petersburg, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and fluctuating homeownership rates, with notable shifts in recent years.
The homeownership rate in zip code 33702 has shown variability over time. In 2013, the ownership rate was 65%, which declined to 61% by 2015. However, there was a recovery in subsequent years, with the rate reaching 68% in 2020 and stabilizing at 67% in 2022. This trend correlates interestingly with average home prices. In 2013, the average home price was $110,852, which steadily increased to $330,753 by 2022, representing a substantial 198% increase over this period. The rise in home prices did not deter homeownership, as evidenced by the increased ownership rates in recent years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates in the zip code remained relatively stable. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in the area actually increased slightly, from 63% to 64%. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in zip code 33702 have inversely mirrored homeownership rates, naturally. The renter population peaked at 39% in 2015 when homeownership was at its lowest. Average rent prices have shown a steady upward trend, increasing from $1,012 in 2013 to $1,140 in 2022, a 12.6% increase. Interestingly, the highest average rent of $1,217 was recorded in 2021, coinciding with a period of lower renter occupancy (33%), suggesting that reduced demand did not necessarily lead to lower rents in this area.
In 2023 and 2024, average home prices in zip code 33702 continued their upward trajectory, reaching $343,947 in 2023 and $353,229 in 2024. This represents a further 6.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the early 2020s.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 33702 will likely continue to rise over the next five years, albeit possibly at a slower rate due to higher interest rates. A conservative estimate might place average home prices around $400,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,300 to $1,400 per month in the same timeframe, assuming the current trajectory continues.
In summary, zip code 33702 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen a significant appreciation in property values, with average home prices more than tripling from 2013 to 2024. Rent prices have also increased, though not as dramatically as home prices. The interplay between federal interest rates, local economic factors, and housing market dynamics will continue to shape the residential landscape of this St. Petersburg neighborhood in the coming years.
