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Zip Code 33773: Doubling Home Values and Rising Ownership Rates in Pinellas Park, 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 33773, located in Pinellas Park, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable shift towards increased homeownership and fluctuating property values, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 33773 has shown a consistent upward trend, increasing from 74% in 2013 to 78% in 2022. This 4 percentage point rise coincides with substantial growth in average home prices. In 2013, the average home price was $122,906, which steadily increased to $331,370 by 2022, representing a remarkable 169.6% increase over nine years. This correlation suggests that rising property values have not deterred homeownership in the area, possibly indicating strong local economic conditions and sustained demand for housing.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 33773. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable at around 72-74%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased, reaching 75% by 2019. This counter-intuitive trend suggests that other local factors may have been more influential in driving homeownership than national interest rates during this period.
The rental market in zip code 33773 has experienced its own set of changes. The percentage of renters decreased from 26% in 2013 to 22% in 2022, mirroring the increase in homeownership. Interestingly, average rent prices have shown volatility over this period. In 2013, the average rent was $1,147, which peaked at $1,301 in 2021 before decreasing to $1,177 in 2022. This fluctuation in rent prices, particularly the recent decrease, may have contributed to the declining renter population, as some renters may have transitioned to homeownership.
Looking at the most recent data, the average home price in zip code 33773 reached $345,386 in 2023 and further increased to $352,001 in 2024. This represents a 6.2% increase from 2022 to 2024, indicating continued growth in the local housing market. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33773 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $400,000 by 2029. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents potentially reaching around $1,350 by 2029.
In summary, zip code 33773 has demonstrated a strong trend towards increased homeownership, with average home prices more than doubling over the past decade. Despite rising federal interest rates, the area has maintained a robust housing market. The rental market has seen a decrease in the percentage of renters, with fluctuating rent prices. Recent data shows continued growth in home values, and future projections suggest sustained, though more moderate, increases in both home prices and rents over the next five years.
