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Zip Code 33761: Rising Home Values and Ownership Trends in Clearwater's Gulf Coast Haven
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 33761, located in Clearwater, Florida, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a high rate of owner-occupied housing, with a general trend towards increasing average home prices and rent costs.
The homeownership rate in zip code 33761 has remained relatively stable, fluctuating between 75% and 81% from 2013 to 2022. Despite this stability, there has been a significant increase in average home prices. In 2013, the average home price was $135,742, which steadily rose to $340,261 by 2022, representing a 150.7% increase over this period. This substantial growth in home values did not significantly impact homeownership rates, suggesting strong local demand and potentially favorable economic conditions for existing homeowners.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates in the zip code increased slightly from 78% to 80%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable, fluctuating between 78% and 81%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 33761 have shown slight variations, ranging from 18% to 25% between 2013 and 2022. Interestingly, average rent prices have increased substantially during this period. In 2013, the average rent was $1,192, which increased to $1,339 by 2022, representing a 12.3% increase. The most significant jump occurred between 2020 and 2021, when average rent rose from $1,338 to $1,462, a 9.3% increase in a single year. This coincided with a slight increase in the renter percentage from 23% to 25%, possibly indicating increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 33761 reached $352,932 in 2023 and further increased to $356,279 in 2024. This represents a 3.7% increase from 2022 to 2023 and a modest 0.9% increase from 2023 to 2024, suggesting a potential slowdown in the rapid home price appreciation seen in previous years. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity and prices.
Based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 33761. Assuming a continuation of the recent slowdown in price appreciation, average home prices could potentially reach around $390,000 to $410,000 by 2029. For average rent prices, if the upward trend continues at a moderate pace, they could potentially reach $1,600 to $1,800 per month by 2029.
In summary, zip code 33761 has demonstrated resilience in maintaining high homeownership rates despite significant increases in average home prices. The area has seen substantial growth in property values and rent prices, with recent data suggesting a potential moderation in the rate of increase. The interplay between federal interest rates, local economic factors, and housing market dynamics will continue to shape the future trends in this Clearwater, Florida zip code.
