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Zip Code 34608: Rising Home Values and Ownership Rates in Spring Hill, 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
Spring Hill, located in zip code 34608 in Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a fluctuating but generally increasing trend in homeownership, coupled with substantial growth in average home values. The homeownership rate in zip code 34608 has shown an overall upward trend, with some fluctuations. In 2013, the homeownership rate was 75%, which decreased to 71% in 2015 and remained stable until 2019. However, there was a notable increase to 76% by 2022. This rise in homeownership coincided with a dramatic increase in average home prices. The average home price in the area rose from $88,522 in 2013 to $293,337 in 2022, representing a substantial 231% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the general increase in homeownership rates observed in zip code 34608. The accessibility of affordable financing options likely contributed to the area's ability to maintain high homeownership rates despite rising home prices.
Renter percentages in zip code 34608 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage peaked at 29% from 2015 to 2018 and then decreased to 24% by 2022. Average rent prices have generally increased over time, rising from $1,077 in 2013 to $1,132 in 2022, a 5.1% increase. However, this increase in rent prices was not as dramatic as the rise in home prices, potentially making renting a more affordable option for some residents.
In 2023 and 2024, the average home prices in zip code 34608 continued to rise, reaching $299,032 in 2023 and $305,417 in 2024. This represents a 4.1% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 34608: Average home prices are projected to continue rising, albeit at a slower rate than in recent years. We estimate they could reach approximately $350,000 to $375,000 by 2029. Average rent prices are expected to increase moderately, potentially reaching $1,250 to $1,300 per month by 2029.
In summary, zip code 34608 in Spring Hill, Florida, has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has maintained high homeownership rates despite rapidly rising home values, possibly due to historically low interest rates. However, recent increases in interest rates may impact future homeownership trends. Rent prices have increased more modestly compared to home prices, potentially making renting an attractive option for some residents. The coming years are likely to see continued growth in both home values and rent prices, though at a more moderate pace than in recent years.
