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Zip Code 34613: Rising Home Values and Shifting Ownership Patterns in North Weeki Wachee, 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 34613, located in North Weeki Wachee, Florida, presents an intriguing case study of homeownership and rental trends. This area has experienced significant fluctuations in ownership percentages and housing prices over the past decade. The overall trend shows a slight decline in homeownership, coupled with a substantial increase in average home prices and rent costs.
The homeownership rate in zip code 34613 has seen a gradual decline from 90% in 2013 to 87% in 2022. This shift coincides with a remarkable increase in average home prices, rising from $108,482 in 2013 to $314,024 in 2022, representing a 189% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents. Notably, the sharpest increase in average home prices occurred between 2020 and 2022, jumping from $200,427 to $314,024, a 57% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in this zip code. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the relatively stable homeownership rates during this time, despite rising home prices. However, as interest rates began to climb in 2022, reaching 1.68%, we observe a slight uptick in homeownership from 86% to 87%, possibly due to buyers rushing to secure mortgages before further rate increases.
The rental market in zip code 34613 has shown corresponding changes. The percentage of renters increased from 10% in 2013 to 13% in 2022. Average rent prices have also risen, though not as dramatically as home prices. In 2013, the average rent was $941, increasing to $970 in 2022, a modest 3% rise. However, it's worth noting the significant jump in average rent to $1,105 in 2021, before decreasing slightly in 2022. This fluctuation may be attributed to changing housing demands and economic conditions during the pandemic period.
As of 2024, the average home price in zip code 34613 has reached $328,476, showing continued growth from the 2022 figure. This represents a 4.6% increase from 2023's average of $323,127. Interestingly, the federal interest rate has also seen a significant rise, reaching 5.33% in 2024, up from 5.02% in 2023. This substantial increase in interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current economic indicators, we can project that average home prices in zip code 34613 may continue to rise over the next five years, potentially reaching around $400,000 by 2029. However, this growth rate may slow compared to the rapid increases seen in recent years due to higher interest rates. Average rent prices are also likely to increase, possibly surpassing $1,200 per month by 2029, as demand for rentals may grow if homeownership becomes less affordable.
In summary, zip code 34613 has experienced a slight decrease in homeownership rates coupled with substantial increases in average home prices over the past decade. The rental market has grown modestly, with fluctuating rent prices. The recent sharp rise in interest rates, combined with continued home price appreciation, may lead to further shifts in the housing market dynamics of this Florida community in the coming years.
