Renter percentages in zip code 33774 have shown an inverse relationship to homeownership rates, decreasing from 25% in 2019 to 20% in 2022. Despite this decrease in the renter population, average rent prices have generally increased. In 2019, the average rent was $1,329, which rose to $1,502 in 2021, before slightly decreasing to $1,364 in 2022. This trend suggests that even with fewer renters, demand for rental properties remains strong, possibly due to the area's growing population and desirability.

Looking at the most recent data, average home prices in zip code 33774 continued to rise in 2023 and 2024, reaching $389,301 and $395,093 respectively. This represents a 5.2% increase from 2022 to 2023 and a further 1.5% increase from 2023 to 2024. Interestingly, this growth has occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand in the local housing market.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33774 will continue to rise, albeit at a more moderate pace. Given the recent slowdown in price growth between 2023 and 2024, we project an average annual increase of 3-4% over the next five years. This would put the average home price in the range of $460,000 to $480,000 by 2029. For rent prices, we expect a steady increase of 2-3% annually, potentially reaching an average of $1,550 to $1,600 per month by 2029.

In summary, zip code 33774 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience in the face of changing interest rates and economic conditions. The trends in homeownership, average home prices, and rent prices all point to a desirable and growing community. As we look to the future, moderate but steady growth in both home values and rent prices is anticipated, reflecting the continued appeal of this Largo neighborhood.