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Zip Code 33712: Rising Home Values and Increasing Ownership in St. Petersburg, 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 33712, located in St. Petersburg, Florida, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership and average home prices, while average rent prices have shown more moderate growth. The homeownership rate in zip code 33712 has shown a steady upward trend, particularly in recent years. In 2013, the homeownership rate was 52%, which increased to 59% by 2022. This 7 percentage point increase represents a significant shift towards homeownership in the area. Concurrently, average home prices have experienced substantial growth. In 2013, the average home price was $78,019, which rose dramatically to $313,772 by 2022, representing a 302% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting trend. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.40%), homeownership rates increased only moderately during this period. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership continued to increase, reaching 59%. This suggests that other local factors may have played a more significant role in driving homeownership than interest rates alone.
Renter percentages have shown a corresponding decline as homeownership increased. In 2013, the renter-occupied rate was 47%, which decreased to 41% by 2022. Average rent prices, however, have shown a more modest increase compared to home prices. In 2013, the average rent was $1,056, which rose to $1,114 by 2022, representing a 5.5% increase over this period. The population in the zip code has fluctuated, peaking at 26,261 in 2016 and settling at 24,922 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in zip code 33712 continued to rise, reaching $323,011 in 2023 and $335,820 in 2024. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33712 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $400,000 to $450,000, assuming a more moderate growth rate of 3-5% annually. Average rent prices are predicted to increase more steadily, potentially reaching $1,300 to $1,400 by 2029, based on historical trends and accounting for inflation.
In summary, zip code 33712 has experienced a significant shift towards homeownership and substantial growth in average home prices over the past decade. Despite rising interest rates, the area has maintained a strong housing market. The rental market has seen more modest growth in prices, with a decreasing percentage of renters. These trends suggest a continuing preference for homeownership in this area, with the potential for further, though possibly more moderate, increases in both home prices and rent in the coming years.
