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Zip Code 33991: Rising Home Values and Ownership Rates in Cape Coral, 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 33991, located in Cape Coral, Florida, covers an area of 15.22 square miles and has experienced significant growth and changes in its real estate market over the past decade. The suburban area has seen an upward trend in ownership percentage, along with general increases in average home prices and average rent prices, albeit with some fluctuations.
The homeownership rate in zip code 33991 has steadily increased from 71% in 2013 to 81% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $161,556, which grew to $429,578 by 2022, representing a 166% increase over nine years. The most dramatic price surge occurred between 2020 and 2022, with average home prices jumping from $260,668 to $429,578, a 65% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the steady increase in homeownership rates in zip code 33991. The accessibility of affordable financing likely contributed to the growing number of homeowners in the area.
As homeownership increased, the percentage of renters in zip code 33991 declined from 29% in 2013 to 19% in 2022. Despite this decrease in the renter population, average rent prices showed an upward trend. The average rent rose from $1,366 in 2013 to $1,675 in 2022, a 23% increase. This trend suggests that even with fewer renters, demand for rental properties remained strong, possibly due to the growing population in the area, which increased from 16,882 in 2013 to 25,404 in 2022.
In 2023 and 2024, the real estate market in zip code 33991 experienced some changes. The average home price slightly decreased from $429,578 in 2022 to $428,532 in 2023, and further declined to $415,901 in 2024. This represents a 3.2% decrease over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially influencing the slight downturn in home prices.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 33991 to stabilize or potentially decrease slightly over the next five years. The higher interest rates may temper home price growth. Average rent prices are likely to continue their upward trajectory, albeit at a more moderate pace, potentially reaching around $1,900 to $2,000 by 2029.
In summary, zip code 33991 has seen a significant increase in homeownership rates and average home prices over the past decade, with a recent slight downturn. The rental market, while shrinking in terms of percentage, has experienced steady growth in average rent prices. The interplay between federal interest rates, population growth, and local economic factors will continue to shape the real estate landscape in this Cape Coral zip code.
