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Zip Code 33713: Rising Home Values and Ownership Rates 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 33713, located in St. Petersburg, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, revealing interesting patterns in the local real estate market.
The homeownership rate in zip code 33713 has shown a notable increase from 2013 to 2022. In 2013, 65% of residents owned their homes, while by 2022, this figure had risen to 69%. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in the area was $98,178, but by 2022, it had skyrocketed to $341,901, representing a remarkable 248% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, the data for 33713 shows a more complex picture. For instance, from 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership actually decreased slightly from 65% to 62%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates in the area also increased, reaching 69% by 2022 when the federal interest rate was 1.68%.
Renter percentages and average rent prices in zip code 33713 have shown their own distinct trends. The percentage of renters peaked in 2015 at 39% and has since decreased to 31% in 2022. Interestingly, average rent prices have continued to rise despite this decline in the renter population. In 2013, the average rent was $1,078, and by 2022 it had increased to $1,164, a 8% rise over nine years. This trend suggests a tightening rental market, possibly due to increased demand for higher-quality rental properties or limited new rental inventory.
Looking at the most recent data, average home prices in zip code 33713 continued their upward trajectory in 2023 and 2024, reaching $360,739 and $378,739 respectively. This represents a 5.5% increase from 2022 to 2023 and a further 5% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33713 will continue to rise, albeit at a potentially slower rate due to the current high interest rate environment. Based on historical data and current market conditions, average home prices could reach approximately $450,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,350 per month by 2029, assuming steady economic growth and continued demand for rental properties in the area.
In summary, zip code 33713 has experienced a significant increase in homeownership rates and average home prices over the past decade, with particularly strong growth in recent years. The rental market has seen more modest increases in prices, coupled with a decreasing percentage of renters. These trends point to a robust and evolving real estate market in this St. Petersburg neighborhood, with continued growth expected in both the homeownership and rental sectors over the next five years.
