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Zip Code 34117: Rising Home Values and Steady Ownership in Golden Gate, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 34117, located in Golden Gate, Florida, has experienced significant demographic and housing market changes over the past decade. This area has seen fluctuations in homeownership rates and substantial increases in average home prices, while average rent prices have shown more moderate changes.
The homeownership rate in zip code 34117 has fluctuated over the years, with a notable increase from 84% in 2013 to a peak of 91% in 2018. This trend coincided with a substantial rise in average home prices, which grew from $179,403 in 2013 to $316,905 in 2018, representing a 76.6% increase. However, after 2018, homeownership rates began to decline slightly, reaching 84% in 2022, while average home prices continued to climb, reaching $514,253 in 2022.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.11% to 0.40%) coincided with an increase in homeownership rates from 84% to 86%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), we saw homeownership rates peak at 91% in 2018 before starting to decline.
Renter percentages in zip code 34117 have shown an inverse relationship to homeownership rates, as expected. The renter-occupied percentage decreased from 14% in 2013 to a low of 8% in 2018, before rising again to 16% in 2022. Average rent prices have fluctuated during this period, with a general upward trend. In 2013, the average rent was $1,465, rising to $1,558 in 2018, but then decreasing to $1,397 in 2022. These changes in rent prices and renter percentages occurred alongside population growth, with the population increasing from 15,730 in 2013 to 20,664 in 2022.
In 2023 and 2024, average home prices in zip code 34117 continued to rise, reaching $542,001 in 2023 and $574,214 in 2024. This represents a 5.4% increase from 2022 to 2023 and a further 5.9% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in average home prices for zip code 34117 over the next five years. Assuming a conservative annual growth rate of 5%, average home prices could potentially reach around $732,000 by 2029. Average rent prices, which have shown more volatility, may continue to fluctuate but with a general upward trend. Projecting a modest 2% annual increase, average rent could potentially reach approximately $1,540 by 2029.
In summary, zip code 34117 has demonstrated a dynamic housing market with significant growth in average home prices, fluctuating homeownership rates, and moderate changes in average rent prices. The area has seen substantial population growth, which has likely contributed to the increasing demand for housing. The recent rise in interest rates may impact future homeownership trends, potentially leading to a shift in the balance between owners and renters in the coming years.
