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Zip Code 34688: Soaring Home Values and Ownership Rates in East Lake, 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 34688, located in East Lake, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a notable increase in recent years. The trends in average home prices and average rent have shown distinct patterns, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 34688 has shown a remarkable upward trend, particularly in recent years. In 2013, the area had an 83% homeownership rate, which remained stable through 2016. However, from 2017 onwards, there was a significant increase, reaching 91% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $255,687, which steadily rose to $557,779 by 2022, representing a 118% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite fluctuations in interest rates, the homeownership rate in 34688 has consistently increased. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 91%. This rate remained stable at 91% in 2022, even as interest rates rose to 1.68%. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 34688 have shown a corresponding decrease as homeownership rates increased. In 2013, the renter-occupied rate was 16%, which gradually declined to 9% by 2022. Interestingly, average rent prices have not followed a consistent pattern during this period. The average rent increased from $1,616 in 2013 to a peak of $2,219 in 2017, before declining to $1,722 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex interplay of local economic factors and housing preferences.
Looking at the most recent data, the average home price in zip code 34688 reached $577,497 in 2023 and further increased to $595,661 in 2024. This continued upward trend in home prices occurs against the backdrop of rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the area has maintained its high homeownership rate, indicating strong local demand for housing.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 34688 will continue to rise, albeit at a potentially slower rate due to the current higher interest rate environment. Average rent prices are expected to stabilize or show moderate increases, influenced by the area's low renter population and the overall housing market dynamics.
In summary, zip code 34688 has demonstrated a strong trend towards homeownership, with rates increasing from 83% to 91% over the past decade. This trend has been accompanied by significant growth in average home prices, more than doubling from 2013 to 2022. The area has shown resilience in maintaining high homeownership rates despite recent increases in interest rates, suggesting a robust local housing market. The rental market, while smaller, has seen fluctuations in average rent prices, reflecting the changing dynamics of supply and demand in this predominantly owner-occupied area.
