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Zip Code 34109: Rising Home Values and Ownership Trends in Pelican Marsh, 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 34109, located in Pelican Marsh, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable shift towards increased homeownership, coupled with substantial growth in average home values.
The percentage of owner-occupied homes in zip code 34109 has shown a clear upward trend, particularly in recent years. In 2013, the homeownership rate was 62%, which gradually decreased to 56% by 2016. However, from 2017 onwards, there was a consistent increase, reaching 70% in 2022. This rise in homeownership coincided with a dramatic increase in average home prices. The average home price in 2013 was $282,926, which steadily rose to $370,950 by 2019. Then, a significant surge occurred, with prices jumping to $442,161 in 2021 and further escalating to $608,737 in 2022, representing a 115% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates actually declined during this period. However, as interest rates began to rise moderately from 2017 (1%) to 2019 (2.16%), homeownership rates started to increase. This trend continued even as interest rates dropped again in 2020 and 2021, with homeownership reaching its peak in 2022 at 70%, despite a significant interest rate increase to 1.68% that year.
The renter percentage in zip code 34109 has shown an inverse relationship to homeownership rates. From 2013 to 2016, the percentage of renters increased from 36% to 42%. However, from 2017 onwards, there was a gradual decrease, reaching 30% in 2022. Average rent prices have generally increased over this period, rising from $1,281 in 2013 to $1,617 in 2022, a 26% increase. Interestingly, the highest average rent of $1,643 was observed in 2020 and 2021, coinciding with the COVID-19 pandemic and a significant population increase to 26,755 in 2020.
In 2023 and 2024, the average home prices in zip code 34109 continued their upward trajectory. The average home price reached $644,746 in 2023 and further increased to $656,590 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 34109 over the next five years. Using a linear regression model, we estimate that average home prices could reach approximately $750,000 by 2029. For rent prices, assuming the trend of moderate increases continues, we project average rents could approach $1,800 per month by 2029.
In summary, zip code 34109 has demonstrated a strong trend towards increased homeownership and rapidly appreciating home values. Despite rising interest rates, the area has maintained high homeownership levels, suggesting strong local demand for housing. The rental market, while showing more moderate growth, has also seen consistent increases in average rents. These trends indicate a robust and dynamic real estate market in this Florida ZIP code, with potential for continued growth in both home values and rental prices in the coming years.
