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Zip Code 33777: Rising Home Values and Ownership Rates in Bardmoor, 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 33777, located in Bardmoor, Florida, has experienced significant shifts in homeownership rates and property values over the past decade. This area has seen a general trend towards increased homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 33777 has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate was 79%, and it steadily increased to 84% by 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $129,408, and it rose dramatically to $338,264 by 2022, representing a 161% increase over this period. This correlation suggests that as property values increased, more residents were motivated to invest in homeownership, potentially viewing it as a sound financial decision.
The relationship between federal interest rates and homeownership rates in zip code 33777 follows a generally expected pattern. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 77-79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a notable increase in homeownership, reaching 82% in 2019. This trend continued even as interest rates dropped again in 2020 and 2021, with homeownership reaching 84% by 2022, despite a rise in interest rates to 1.68% that year.
Renter percentages in zip code 33777 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter population decreased from 21% in 2013 to 16% in 2022. Interestingly, average rent prices have not shown a consistent correlation with this trend. In 2013, the average rent was $1,347, and it fluctuated over the years, reaching a low of $1,168 in 2015 before rising to $1,775 in 2022. This represents a 31.8% increase in average rent from 2013 to 2022, despite the decreasing renter population. This trend might be attributed to factors such as improved property quality or overall market conditions in the area.
Looking at the most recent data, in 2023, the average home price in zip code 33777 reached $345,102, with federal interest rates at 5.02%. In 2024, the average home price further increased to $353,205, while interest rates rose slightly to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market in the area, despite higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 33777 to continue their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,000 per month within the same timeframe. These predictions are based on the historical trends observed and assume relatively stable economic conditions.
In summary, zip code 33777 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with home prices and homeownership rates continuing to rise even in the face of fluctuating interest rates. The rental market, while shrinking in terms of population, has seen increasing average rents, indicating a potential shift towards higher-quality or more desirable rental properties. As the area continues to evolve, it appears poised for further growth in both the homeownership and rental sectors.
