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Zip Code 33762: Rising Home Values and Ownership Trends in Feather Sound, 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 33762, located in Feather Sound, Florida, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting broader economic changes and local market dynamics.
The ownership percentage in zip code 33762 has shown a significant upward trend, rising from 64% in 2013 to 70% in 2022. This increase in homeownership correlates with a substantial rise in average home prices, which grew from $143,399 in 2013 to $338,586 in 2022, representing a 136% increase over this period. The most dramatic jump occurred between 2020 and 2022, with average home prices surging from $238,223 to $338,586, a 42% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial rise in homeownership from 64% to 70%. As interest rates began to increase more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in the area remained relatively stable, hovering around 69-73%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight uptick in homeownership to 71% in 2021.
Renter percentages in zip code 33762 have inversely mirrored the homeownership trend, decreasing from 36% in 2013 to 30% in 2022. Interestingly, average rent prices have shown volatility during this period. They rose from $1,177 in 2013 to a peak of $1,380 in 2018, an increase of 17%. However, rent prices then declined to $1,245 in 2022, a 10% decrease from the 2018 peak. This trend suggests that despite the overall decrease in the percentage of renters, rental demand remained strong enough to support relatively high rent prices.
In 2023 and 2024, we observe a stabilization in average home prices in zip code 33762. The average home price in 2023 was $347,796, showing a modest increase from 2022. However, in 2024, there was a slight decrease to $347,306. This leveling off coincides with a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially cooling the housing market.
Looking ahead, predictive models suggest a potential slowdown in home price appreciation for zip code 33762 over the next five years. Average home prices are forecasted to grow at a more modest rate of 2-3% annually, reaching approximately $380,000 by 2029. Rent prices are expected to stabilize and potentially increase slightly, with projections indicating an average rent of around $1,350 by 2029.
In summary, zip code 33762 has experienced a significant increase in homeownership rates and average home prices over the past decade, particularly from 2013 to 2022. The area has also seen fluctuations in rental percentages and prices. Recent data from 2023 and 2024 indicates a potential stabilization in the housing market, likely influenced by rising interest rates. Moving forward, more moderate growth in both home prices and rent is anticipated, reflecting a maturing real estate market in this Florida community.
