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Zip Code 34293: Rising 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 34293, located in North Port, Florida, has experienced significant demographic and real estate changes over the past decade. This area has seen a steady increase in homeownership rates, rising from 82% in 2013 to 88% in 2022. Concurrently, average home prices have shown substantial growth, while average rent prices have fluctuated with an overall upward trend.
The relationship between homeownership rates and average home prices in zip code 34293 demonstrates a strong positive correlation. As homeownership increased from 82% in 2013 to 88% in 2022, average home prices rose dramatically from $168,623 to $426,174 during the same period. This represents a 152.7% increase in average home prices over nine years. The most significant jump occurred between 2020 and 2022, with average home prices surging from $262,168 to $426,174, a 62.6% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the steady increase in homeownership rates, as more affordable financing options became available to potential buyers. The sharp rise in homeownership from 86% in 2019 to 88% in 2020 coincided with a significant drop in interest rates from 2.16% to 0.38%, further illustrating this relationship.
Renter percentages in zip code 34293 have shown an inverse relationship to homeownership rates, decreasing from 16% in 2013 to 12% in 2022. Despite this decline, average rent prices have generally increased, rising from $1,282 in 2013 to $1,355 in 2022, with some fluctuations in between. The peak average rent of $1,630 was observed in 2021. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to increased demand for the limited rental properties available or improvements in the quality of rental units.
In 2023 and 2024, average home prices in zip code 34293 showed a slight reversal of the previous upward trend. The average home price in 2023 was $437,766, a 2.7% increase from 2022. However, in 2024, the average home price decreased to $427,935, a 2.2% decline from the previous year. This cooling in the housing market coincides with significantly higher interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening buyer demand and affecting home prices.
Looking ahead, predictive models suggest that average home prices in zip code 34293 may experience a period of stabilization or slight decline over the next five years, given the current higher interest rate environment and recent market cooling. Average rent prices, however, are projected to continue their upward trajectory, albeit at a more moderate pace, as the rental market adjusts to changes in housing affordability and population growth.
The most significant discoveries for zip code 34293 include the strong positive correlation between increasing homeownership rates and rising average home prices, the impact of low interest rates on homeownership growth, and the paradoxical increase in average rent prices despite a decreasing renter population. The recent cooling of the housing market in 2023-2024, coinciding with higher interest rates, marks a potential turning point in the area's real estate trends. These factors collectively paint a picture of a dynamic real estate market in North Port, Florida, that has seen substantial growth and is now entering a period of potential adjustment and stabilization.
