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Zip Code 33772: Rising Home Values and Stable Ownership in Coastal Seminole, 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 33772, located in Seminole, Florida, has shown interesting trends in homeownership, average home prices, and average rent prices over the past decade. This area has maintained a relatively stable homeownership rate while experiencing significant changes in both housing and rental markets.
The homeownership rate in zip code 33772 has remained relatively steady, ranging from 72% to 75% between 2013 and 2022. Despite this stability, average home prices have shown a dramatic increase. In 2013, the average home price was $144,394, which steadily rose to $368,313 by 2022, representing a 155% increase over nine years. This substantial growth in home values did not significantly impact homeownership rates, suggesting a resilient and established community of homeowners in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 73-74%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 75% in 2019, possibly indicating a rush to purchase homes before rates climbed further.
Renter percentages in zip code 33772 have fluctuated slightly, inversely mirroring homeownership rates. The percentage of renters ranged from 25% to 28% between 2013 and 2022. Average rent prices have shown a general upward trend, albeit less dramatic than home prices. In 2013, the average rent was $1,395, which increased to $1,374 by 2022, representing a modest 1.5% decrease over the period. Interestingly, despite the overall increase in population from 22,251 in 2013 to 23,271 in 2022, rent prices remained relatively stable, suggesting that housing supply has kept pace with demand in the rental market.
In 2023 and 2024, the housing market in zip code 33772 continued its upward trajectory. The average home price reached $378,314 in 2023 and further increased to $391,767 in 2024, representing a 3.6% year-over-year growth. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 33772 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $450,000 to $500,000 by 2029. Average rent prices, which have been more stable, are likely to see moderate increases, potentially reaching $1,500 to $1,600 per month by 2029.
In summary, zip code 33772 has demonstrated remarkable resilience in its housing market. Despite substantial increases in average home prices, homeownership rates have remained stable. The rental market has shown more modest price growth, maintaining affordability for renters. The area's ability to sustain population growth while maintaining these trends suggests a well-balanced and desirable residential market.
