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Zip Code 33830: Rising Home Values and Ownership Trends in Bartow, 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 33830, located in Bartow, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 33830 has shown a slight decline from 2013 to 2019, followed by a modest recovery. In 2013, 72% of housing units were owner-occupied, which decreased to 66% by 2019. However, by 2022, the ownership rate had rebounded to 69%. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $75,335, which steadily increased to $259,593 by 2022, representing a substantial 244% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), homeownership rates decreased slightly. This counterintuitive trend might be attributed to other economic factors or local market conditions. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and even showed a slight increase. This suggests that despite higher interest rates, other factors were supporting homeownership in the area.
Renter percentages in zip code 33830 followed an inverse pattern to homeownership rates, increasing from 28% in 2013 to 34% in 2019, before decreasing slightly to 31% in 2022. Average rent prices showed a general upward trend during this period, rising from $835 in 2013 to $842 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $876. It's worth noting that the population of the zip code increased from 27,613 in 2013 to 32,115 in 2022, which likely contributed to the demand for rental properties and the overall increase in rent prices.
In 2023 and 2024, the housing market in zip code 33830 continued to evolve. The average home price reached $266,311 in 2023 and further increased to $273,551 in 2024, representing a 2.6% and 2.7% year-over-year increase respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 33830 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices might also see moderate increases, driven by population growth and housing demand. However, the rate of increase for both home prices and rents could be tempered by economic factors and potential market corrections.
In summary, zip code 33830 has experienced a notable increase in average home prices over the past decade, with a recent stabilization in homeownership rates. Rent prices have shown more modest growth, while the renter population has fluctuated. The interplay between interest rates, population growth, and local economic conditions will likely continue to shape the housing market in this Florida zip code in the coming years.
