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Zip Code 34669: Rising Home Values and Ownership in Shady Hills, 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 34669, located in Shady Hills, Florida, has experienced notable changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices. The ownership percentage in zip code 34669 has shown a slight upward trend from 2013 to 2022. In 2013, the homeownership rate was 80%, and by 2022, it had increased to 83%. This trend coincides with a significant rise in average home prices. In 2013, the average home price was $113,251, and by 2022, it had nearly tripled to $316,725. This substantial increase in home values may have encouraged more residents to invest in homeownership, seeing it as a potentially lucrative long-term investment.
Federal interest rates have played a role in homeownership trends in zip code 34669. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable at around 80-83%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 78% in 2017, but it quickly rebounded to 80% by 2018. The extremely low interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with an increase in homeownership to 82% by 2021, likely due to more affordable financing options.
Renter percentages in zip code 34669 have fluctuated inversely to homeownership rates, ranging from 17% to 22% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $959, rising to $1,066 in 2020, and reaching $1,081 in 2022. The population growth from 12,723 in 2013 to 14,684 in 2022 may have contributed to the increased demand for rental properties, supporting the rise in average rent prices.
In 2023 and 2024, average home prices in zip code 34669 continued to rise, reaching $322,112 in 2023 and $328,584 in 2024. This represents a slower rate of increase compared to previous years, possibly influenced by the significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have cooled the housing market somewhat, leading to more moderate price growth.
Looking ahead, based on the historical trends and current market conditions, we can forecast the following 5-year trends for zip code 34669: 1. Average home prices are likely to continue increasing, but at a more moderate pace. By 2029, prices could reach approximately $380,000 to $400,000. 2. Average rent prices may also continue to rise, potentially reaching $1,300 to $1,400 per month by 2029, assuming steady population growth and demand for rental properties.
In summary, zip code 34669 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining high homeownership rates despite fluctuations in interest rates and significant increases in home prices. The rental market has also seen growth, with rising average rents reflecting the area's increasing population and demand for housing. These trends suggest a robust and dynamic housing market in Shady Hills, with potential for continued growth in both the ownership and rental sectors.
