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Zip Code 34291: Surging Home Values and Ownership Rates in North Port, 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 34291, located in North Port, Florida, presents a suburban environment with a growing population. This area has experienced significant changes in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 34291 has shown a notable increase, particularly in recent years. In 2013, the area had an 80% homeownership rate, which decreased slightly to 74% by 2018. However, from 2020 onwards, there was a substantial rise in homeownership, reaching 89% in 2022. This trend coincides with significant growth in average home prices. In 2013, the average home price was $127,571, which steadily increased to $217,917 by 2019. The market then experienced a dramatic surge, with average home prices reaching $371,870 in 2022, nearly tripling the 2013 value.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates initially declined. However, as interest rates began to rise in 2022 to 1.68%, homeownership paradoxically increased to 89%. This suggests that local factors, such as housing availability and economic conditions, may have had a more significant impact on homeownership than national interest rates in this specific area.
Renter percentages and average rent prices in zip code 34291 have shown inverse relationships over time. In 2013, renters made up 19% of the population, with an average rent of $1,012. The renter percentage increased to 25% by 2018, coinciding with a rise in average rent to $1,200. However, from 2020 to 2022, there was a sharp decline in the renter population, dropping to just 11% in 2022, while average rent increased to $1,415. This trend suggests that rising rent prices may have encouraged more residents to transition to homeownership, particularly as the area's population grew from 5,535 in 2010 to 7,300 in 2022.
In 2023 and 2024, the housing market in zip code 34291 showed signs of stabilization. The average home price slightly decreased to $371,062 in 2023 and further to $363,534 in 2024. This cooling trend coincides with significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates likely contributed to the moderation in home prices by reducing buyer demand.
Looking ahead, predictive models suggest that average home prices in zip code 34291 may continue to stabilize or experience modest growth over the next five years, assuming interest rates remain elevated. Average rent prices are projected to increase steadily, potentially reaching around $1,600-$1,700 by 2029, driven by continued population growth and the limited supply of rental properties in the area.
In summary, zip code 34291 has witnessed a significant shift towards homeownership, accompanied by substantial increases in both home values and rent prices. The area's growing population and changing housing preferences have played crucial roles in shaping these trends. While recent data indicates a potential cooling in the housing market, the long-term outlook suggests continued, albeit more moderate, growth in both home prices and rents.
