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Zip Code 34446: Rising Home Values and High Ownership Rates in Sugarmill Woods, 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 34446, located in Sugarmill Woods, Florida, presents an intriguing case study of homeownership and real estate trends. This area has maintained a consistently high rate of owner-occupied housing, with a slight increase in recent years. Average home prices have shown significant growth, particularly in the last few years, while average rent prices have fluctuated but generally trended upward.
The homeownership rate in zip code 34446 has remained relatively stable, with a slight upward trend. In 2013, the area had an 87% homeownership rate, which increased to 93% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $134,216, which grew steadily to reach $325,076 by 2022, representing a remarkable 142% increase over this period.
Federal interest rates appear to have influenced homeownership rates in this zip code. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period of low interest rates corresponded with the area's consistently high homeownership rates. The slight increase in homeownership from 89% in 2021 to 93% in 2022 occurred despite a rise in interest rates to 1.68% in 2022, suggesting other factors may have also played a role in driving homeownership in this area.
Renter percentages in zip code 34446 have remained relatively low, decreasing slightly from 12% in 2013 to 7% in 2022. Despite this decrease in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $910, which increased to $999 by 2022, representing a 9.8% increase. It's worth noting that rent prices peaked at $1,143 in 2017 before declining and then rising again. The population growth from 16,379 in 2013 to 18,597 in 2022 may have contributed to the overall increase in rent prices despite the decreasing percentage of renters.
Looking at the most recent data, average home prices in zip code 34446 continued to rise in 2023 and 2024, reaching $333,305 and $334,864 respectively. This represents a modest increase of 2.5% from 2022 to 2023 and a further 0.5% from 2023 to 2024. Interestingly, this slower rate of growth coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the deceleration in home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34446 will continue to rise, but at a more moderate pace than seen in recent years. The rate of increase is expected to be around 2-3% annually, reaching approximately $370,000 by 2029. Average rent prices are also projected to increase, potentially reaching around $1,150 by 2029, assuming a similar growth rate to recent years.
In summary, zip code 34446 in Sugarmill Woods, Florida, has demonstrated a strong preference for homeownership, with rates increasing to 93% by 2022. Average home prices have shown substantial growth, more than doubling from 2013 to 2022. While rent prices have also increased, the growth has been more modest. The area's high homeownership rates have persisted despite recent increases in federal interest rates, suggesting a robust local housing market. Moving forward, we expect continued but more moderate growth in both home prices and rents in this area.
