Loading Content...
Zip Code 34203: West Samoset's Soaring Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 34203, located in West Samoset, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 34203 has shown a steady increase from 73% in 2013 to 75% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $160,762, which grew dramatically to $402,793 by 2022, representing a 150% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices surging from $259,659 to $402,793, a 55% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. 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 increase in homeownership from 73% to 77%. The accessibility of affordable financing likely contributed to this trend, making homeownership more attainable for residents in the area.
Renter percentages in zip code 34203 have shown an inverse relationship to homeownership rates, decreasing from 26% in 2013 to 25% in 2022. Average rent prices have fluctuated during this period, with a general upward trend. In 2013, the average rent was $1,388, which increased to $1,428 by 2022, representing a modest 2.9% rise over nine years. However, there were notable fluctuations, with the highest average rent of $1,482 recorded in 2021. The population growth from 33,412 in 2013 to 36,636 in 2022 may have contributed to the overall increase in rent prices due to higher housing demand.
Looking at the most recent data, the average home price in zip code 34203 reached $419,918 in 2023 and slightly decreased to $419,796 in 2024. This represents a stabilization in home prices after the significant increases observed in previous years. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34203 will continue to rise, albeit at a more moderate pace compared to the rapid growth seen in recent years. The average home price is projected to reach approximately $450,000 by 2029. Average rent prices are expected to follow a similar trend, potentially increasing to around $1,600 per month over the next five years. These projections take into account historical trends, current market conditions, and the potential impact of interest rates on housing demand.
In summary, zip code 34203 has experienced a notable increase in homeownership rates and a substantial rise in average home prices over the past decade. The area has also seen modest growth in average rent prices, with some fluctuations. Recent stabilization in home prices and rising interest rates may signal a shift in the housing market dynamics for this zip code. As the area continues to grow and evolve, these trends will likely shape the future of housing in West Samoset, Florida.
