Loading Content...
Zip Code 33946: Stable Homeownership Amidst Rising Values in Rotonda, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 33946, located in Rotonda, Florida, is a vibrant community that has experienced significant changes in homeownership and housing prices over the past decade. This area has maintained a high rate of owner-occupied homes, consistently above 80%, while average home prices have shown substantial growth.
The homeownership rate in zip code 33946 has remained relatively stable, with a slight decrease from 88% in 2013 to 85% in 2022. Despite this minor decline, the area maintains a strong ownership culture. Concurrently, average home prices have seen remarkable growth. In 2013, the average home price was $318,137, which steadily increased to $682,490 by 2022, representing a 114.5% increase over nine years. This substantial rise in home values suggests a robust and desirable real estate market in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained high at 85-88%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized at 85%, indicating resilience in the local market despite increasing borrowing costs.
Regarding rental trends, the percentage of renter-occupied homes has shown a slight increase from 12% in 2013 to 15% in 2022. This modest rise in renters coincides with fluctuations in average rent prices. The average rent price peaked at $1,570 in 2015 and then experienced some volatility, settling at $1,438 in 2022. It's worth noting that despite the population growth from 3,498 in 2013 to 4,782 in 2022, the rental market has remained relatively stable, suggesting a balanced supply and demand for rental properties.
In 2023 and 2024, the housing market in zip code 33946 showed signs of cooling after the significant growth in previous years. The average home price decreased slightly from $682,490 in 2022 to $667,238 in 2023 and further to $656,393 in 2024. This cooling trend coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest that average home prices in zip code 33946 may continue to experience a modest decline or stabilization over the next five years, influenced by higher interest rates and potential market corrections. Average rent prices are expected to show moderate growth, driven by the area's steady population increase and the slight uptick in renter-occupied homes.
In summary, zip code 33946 demonstrates a robust homeownership market with significant appreciation in home values over the past decade. The area has maintained a high rate of owner-occupied homes despite rising home prices and recent increases in interest rates. The rental market, while smaller, has shown stability with slight growth. The recent cooling in home prices, coupled with higher interest rates, suggests a potential shift towards a more balanced market in the coming years.
