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Zip Code 33952: Port Charlotte's Housing Market Resilience Amidst Rising Home Values
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
Port Charlotte, located in zip code 33952 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, with some fluctuations in recent years.
The homeownership rate in zip code 33952 has shown an overall upward trend, increasing from 68% in 2017 to 76% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2017, the average home price was $130,450, which then rose dramatically to $257,614 by 2022, representing a 97.5% increase over five years. This trend suggests a strong correlation between rising property values and increased homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2017 to 2020, interest rates fluctuated between 1% and 2.16%, which likely contributed to the increase in homeownership from 68% to 73% during this period. The exceptionally low interest rate of 0.08% in 2021 coincided with a further increase in homeownership to 74%, as more affordable financing options became available to potential buyers.
Conversely, the renter population in zip code 33952 has decreased over time. In 2017, 31% of residents were renters, but this figure dropped to 24% by 2022. Despite this decrease, average rent prices have generally increased. The average rent rose from $1,110 in 2017 to $1,221 in 2022, an increase of 10%. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to increased demand for a limited supply of rental properties.
In 2023 and 2024, the housing market in zip code 33952 showed signs of stabilization. The average home price in 2023 was $262,684, a modest increase from 2022. However, in 2024, there was a slight decrease to $261,254. This leveling off coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to a cooling of the housing market.
Looking ahead, predictive models suggest that average home prices in zip code 33952 may continue to stabilize or experience modest growth over the next five years. This forecast takes into account the current high interest rates and the recent plateau in prices. Average rent prices are expected to continue their upward trend, albeit at a slower pace, potentially reaching around $1,350-$1,400 by 2029.
In summary, zip code 33952 has seen a significant increase in homeownership and average home prices over the past decade, with a corresponding decrease in the renter population. Recent data indicates a potential stabilization in the housing market, likely influenced by rising interest rates. The rental market, while shrinking, has experienced steady price increases. These trends reflect a dynamic and evolving real estate landscape in Port Charlotte.
