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Zip Code 33917: Average Home Values and Ownership in North Fort Myers' Coastal Region
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 33917, located in North Fort Myers, Florida, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with a slight trend towards increased renting in recent years.
The homeownership rate in zip code 33917 has fluctuated somewhat but remained generally high between 2013 and 2022. In 2013, the ownership rate stood at 82%, gradually decreasing to 78% by 2018. However, it rebounded to 81% in 2022. This trend aligns with changes in average home prices, which have seen significant growth. In 2013, the average home price was $131,635, rising steadily to $333,559 by 2022, representing a 153% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), homeownership rates slightly decreased from 82% to 79%. As interest rates began to rise from 2016 onwards, homeownership rates stabilized around 78-79%. Interestingly, despite a sharp increase in interest rates to 1.68% in 2022, homeownership in the zip code increased to 81%, possibly due to other local economic factors.
Renter percentages in zip code 33917 have shown a inverse relationship to homeownership rates, naturally. The renter population increased from 18% in 2013 to a peak of 22% in 2018, before slightly decreasing to 19% in 2022. Average rent prices have generally increased during this period, rising from $1,079 in 2013 to $1,159 in 2022, a 7.4% increase. This modest increase in rent prices, compared to the substantial rise in home prices, may have contributed to the slight increase in renting during certain years.
In 2023 and 2024, average home prices in zip code 33917 continued to rise, reaching $342,740 in 2023 before slightly decreasing to $340,246 in 2024. This represents a 2.8% increase from 2022 to 2023, followed by a minor 0.7% decrease from 2023 to 2024. Simultaneously, federal interest rates climbed significantly to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years in zip code 33917. Average home prices are expected to increase by approximately 3-5% annually, potentially reaching around $400,000 by 2029. Average rent prices are likely to see more modest growth, potentially increasing by 2-3% annually, which could bring them to approximately $1,300-$1,350 by 2029.
In summary, zip code 33917 has demonstrated resilience in maintaining high homeownership rates despite significant increases in average home prices. The area has seen substantial property value appreciation, with home prices more than doubling over a decade. Rent prices have increased more modestly, potentially contributing to slight fluctuations in the renter population. The recent stabilization of home prices and high interest rates may influence future homeownership trends, but the area's strong preference for owner-occupied housing is likely to persist.
