While homeownership rates increased, the percentage of renters in zip code 33948 decreased from 20% in 2013 to 14% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, rising from $1,151 in 2013 to $1,194 in 2022. This increase in average rent prices, despite a decreasing renter population, may be attributed to the overall growth in property values and increased demand for housing in the area, as evidenced by the population growth from 15,269 in 2013 to 17,688 in 2022.

Looking at the most recent data, average home prices in zip code 33948 reached $319,609 in 2023, showing continued growth from the previous year. However, in 2024, there was a slight decrease to $313,408. This recent trend coincides with higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in the housing market.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 33948 will continue to grow, albeit at a more moderate pace. The recent slight decrease in 2024 may indicate a short-term adjustment, but the overall trend is expected to remain positive due to the area's population growth and high homeownership rates. Average rent prices are also projected to increase steadily over the next five years, driven by the area's desirability and limited rental supply.

In summary, zip code 33948 in Port Charlotte has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has shown resilience in its housing market, with a growing population and increasing property values. While recent higher interest rates have slightly cooled the market, the long-term outlook remains positive for both homeowners and investors in this Florida zip code.