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Zip Code 34484: Soaring Home Values and Shifting Ownership in Wildwood, 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 34484, located in Wildwood, Florida, has experienced significant changes in its housing market and population dynamics over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 34484 has shown a decreasing trend from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 94%, which steadily declined to 65% by 2022. This substantial shift coincided with a remarkable increase in average home prices. In 2013, the average home price was $189,838, and it rose consistently to reach $357,788 in 2022, representing an impressive 88.5% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals an interesting pattern. From 2013 to 2015, when interest rates were exceptionally low (ranging from 0.11% to 0.13%), homeownership rates remained high at 92-94%. However, as interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the renter population in zip code 34484 has grown significantly. The percentage of renters increased from 6% in 2013 to 35% in 2022. This shift corresponds with fluctuations in average rent prices. In 2013, the average rent was $1,527, which peaked at $1,744 in 2015 before experiencing some volatility. By 2022, the average rent had risen to $1,640, showing a 7.4% increase from 2013. The substantial increase in the renter population, from 237 in 2013 to 1,909 in 2022, likely contributed to the upward pressure on rent prices.
Looking at the most recent data, the average home price in zip code 34484 continued to rise, reaching $359,518 in 2023 and further increasing to $363,390 in 2024. This represents a modest but steady growth of 1.6% from 2022 to 2024. Notably, federal interest rates also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34484 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $400,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,900 to $2,000 per month in the next five years, driven by the growing renter population and overall housing demand in the area.
In summary, zip code 34484 has experienced a significant shift from a predominantly homeowner-occupied area to one with a growing renter population. This transition has occurred alongside substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, homeownership rates, and housing costs highlights the complex dynamics shaping this local real estate market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the local housing landscape.
