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Zip Code 34653: Rising Home Values and Ownership Trends in New Port Richey East, 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 34653, located in New Port Richey East, Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, the percentage of owner-occupied homes in zip code 34653 decreased from 66% to 63%. During this same period, average home prices saw a substantial increase. In 2013, the average home price was $72,539, which rose dramatically to $254,155 by 2022, representing a 250% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the area declined from 66% to 62%. This trend contradicts the usual expectation that lower interest rates encourage homeownership. However, from 2020 to 2022, as interest rates rose from 0.38% to 1.68%, homeownership rates stabilized at 63%, indicating a complex interplay between interest rates and local market factors.
The percentage of renters in zip code 34653 increased from 33% in 2013 to 37% in 2022. Concurrently, average rent prices rose from $939 in 2013 to $1,035 in 2022, an increase of about 10%. The population grew from 30,035 in 2013 to 34,086 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023, the average home price in zip code 34653 reached $264,509, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $270,945, while interest rates have risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, which could impact affordability and homeownership rates in the near future.
Looking ahead, predictive models suggest that average home prices in zip code 34653 may continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 34653 has experienced a significant increase in average home prices over the past decade, accompanied by a slight decrease in homeownership rates. The rental market has seen moderate growth in both the percentage of renters and average rent prices. The recent uptick in interest rates, combined with rising home prices, may continue to shape the local housing market, potentially affecting affordability and homeownership trends in the coming years.
