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Zip Code 33903: Rising Home Values and Ownership Rates in North Fort Myers, 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 33903, located in North Fort Myers, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in homeownership, coupled with substantial growth in average home values and rent prices. The ownership percentage in zip code 33903 has shown a steady upward trend, rising from 73% in 2015 to 80% in 2022. This increase in homeownership coincides with a dramatic rise in average home prices, which grew from $128,093 in 2015 to $284,897 in 2022, representing a 122% increase over seven years. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a significant role in homeownership trends. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 73% to 79%. The accessibility of affordable financing likely contributed to the ability of more residents to purchase homes, even as prices increased.
While homeownership rates increased, the percentage of renters in zip code 33903 decreased from 25% in 2015 to 20% in 2022. Despite this decrease in the renter population, average rent prices rose significantly, from $1,012 in 2015 to $1,261 in 2022, a 24.6% increase. This trend suggests that even with fewer renters, demand for rental properties remained strong, possibly due to the overall population growth in the area, which increased from 22,288 in 2015 to 25,298 in 2022.
In 2023 and 2024, average home prices in zip code 33903 continued to rise, reaching $291,652 in 2023 and slightly decreasing to $290,273 in 2024. This represents a modest 2.4% increase from 2022 to 2023, followed by a slight 0.5% decrease from 2023 to 2024. Notably, federal interest rates increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slowdown in home price appreciation.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 33903 will continue to appreciate, albeit at a slower rate than seen in previous years. Over the next five years, average home prices could potentially reach around $320,000 to $330,000, assuming a more moderate annual growth rate of 2-3%. Average rent prices are likely to continue their upward trajectory as well, potentially reaching $1,500 to $1,600 per month within the next five years, reflecting an annual increase of 3-4%.
In summary, zip code 33903 has demonstrated a strong trend towards increased homeownership, accompanied by substantial growth in both average home prices and rent costs. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends suggest a robust and desirable housing market in North Fort Myers, with potential for continued growth in both homeownership rates and property values in the coming years.
