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Zip Code 34287: North Port's Resilient Housing Market and 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
Zip code 34287, located in North Port, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a general trend of increasing average home prices and relatively stable homeownership rates, with some fluctuations in recent years.
The homeownership rate in zip code 34287 has remained relatively stable, with a slight overall increase from 73% in 2015 to 77% in 2022. During this period, average home prices have shown a substantial upward trend. In 2015, the average home price was $121,257, which increased dramatically to $294,842 by 2022, representing a 143% increase over seven years. This significant rise in home values did not seem to negatively impact homeownership rates, suggesting strong local demand and potentially favorable economic conditions for homebuyers in the area.
Federal interest rates have played a role in homeownership trends. From 2015 to 2021, interest rates remained relatively low, ranging from 0.13% to 1.68%. This period of low interest rates coincided with the stable to slightly increasing homeownership rates observed in zip code 34287. The low-interest environment likely made mortgages more affordable, supporting the maintenance of high homeownership levels despite rising home prices.
Renter percentages in zip code 34287 have remained relatively stable, with a slight overall decrease from 26% in 2015 to 23% in 2022. Average rent prices have shown a moderate upward trend during this period. In 2015, the average rent was $1,077, which increased to $1,147 by 2022, representing a 6.5% increase over seven years. This relatively modest increase in rent prices, compared to the more dramatic rise in home values, may have contributed to the stability in renter percentages. The population of the zip code has also grown from 24,216 in 2015 to 27,606 in 2022, which may have influenced the demand for rental properties.
In 2023 and 2024, average home prices in zip code 34287 showed a slight increase followed by a minor decrease. The average home price reached $299,056 in 2023 before slightly declining to $294,781 in 2024. This recent trend suggests a potential stabilization in the housing market after years of significant growth. Interestingly, federal interest rates have increased substantially during this period, rising from 5.02% in 2023 to 5.33% in 2024, which may have influenced the slight cooling in home prices.
Looking ahead, based on the historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 34287. Average home prices may continue to experience moderate growth, albeit at a slower pace than observed in recent years. We might expect average home prices to reach around $330,000 to $350,000 by 2029. For rent prices, a continued steady increase is likely, potentially reaching an average of $1,300 to $1,400 per month by 2029.
In summary, zip code 34287 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has benefited from periods of low interest rates, which likely supported homeownership. Rent prices have shown more modest growth, helping to maintain a stable renter population. Recent data suggests a potential stabilization in the housing market, with slight fluctuations in home prices and increasing interest rates. The coming years may see continued but more moderate growth in both home values and rent prices in this Florida zip code.
