Loading Content...
Zip Code 33710: Rising Home Values and Ownership Rates in St. Petersburg, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33710, located in St. Petersburg, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a strong trend towards increased homeownership, coupled with substantial growth in average home values.
The ownership percentage in zip code 33710 has steadily increased from 74% in 2013 to 80% in 2022, indicating a growing preference for homeownership in the area. Concurrently, average home prices have seen a remarkable upward trend. In 2013, the average home price was $126,103, which more than doubled to $369,699 by 2022. This represents a 193% increase in average home values over nine years, demonstrating a robust real estate market in the area.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite fluctuations in interest rates, the homeownership rate continued to climb. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 79%. Interestingly, even as interest rates rose to 1.68% in 2022, the homeownership rate further increased to 80%. This suggests that factors beyond interest rates, such as local market conditions and housing demand, have been influential in driving homeownership in this area.
Regarding rental trends, the percentage of renters in zip code 33710 has decreased from 26% in 2013 to 20% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $1,221 in 2013 to $1,241 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,362, coinciding with the lowest interest rates and a period of rapid home price appreciation.
Looking at the most recent data, the average home price in zip code 33710 reached $381,252 in 2023 and further increased to $398,644 in 2024. This continued appreciation occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These figures suggest a resilient housing market in the area, maintaining strong demand even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33710 will continue to rise, albeit at a potentially slower rate than the rapid growth seen in recent years. The average home price could potentially reach around $450,000 to $500,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,400 to $1,500 per month in the same timeframe.
In summary, zip code 33710 has demonstrated a clear trend towards increased homeownership and rising property values. The area has shown resilience to fluctuating interest rates, maintaining strong demand for housing. While the renter population has decreased, rent prices have generally trended upward. The continued appreciation of home values, even in the face of rising interest rates, suggests a robust and desirable real estate market in this St. Petersburg neighborhood.
