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Zip Code 34695: Rising Home Values and Stable Ownership in Safety Harbor's Resilient Market
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
Safety Harbor, located in zip code 34695 in Florida, is a charming coastal community known for its small-town atmosphere and mineral springs. This area has experienced notable shifts in homeownership rates and property values over the past decade, with average home prices showing a significant upward trend and homeownership rates remaining relatively stable.
The homeownership rate in zip code 34695 has remained consistently high, hovering around 82-83% from 2013 to 2022. This stability in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $196,939, which steadily rose to $486,860 by 2022, representing a remarkable 147% increase over this period. Notably, the most significant jump occurred between 2020 and 2022, with average home prices surging from $335,671 to $486,860, a 45% increase in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the steady homeownership rates during this time. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates in the zip code remained resilient, only fluctuating slightly between 81% and 84%. This suggests that other factors, such as the desirability of the area and local economic conditions, may have offset the potential negative impact of rising interest rates on homeownership.
The rental market in zip code 34695 has also seen significant changes. The percentage of renters remained relatively stable, ranging from 16% to 19% between 2013 and 2022. However, average rent prices increased substantially during this period. In 2013, the average rent was $1,213, which rose to $1,610 by 2022, marking a 33% increase. The most notable jump in rent prices occurred between 2015 and 2016, increasing from $1,275 to $1,476, a 16% rise in a single year. Despite these increases, the rental market has maintained a consistent share of the housing market, indicating a balanced demand for both owned and rented properties in the area.
As of 2024, the average home price in zip code 34695 has reached $526,456, continuing the upward trend observed in previous years. This represents a 4% increase from the 2023 average of $506,483. Concurrently, the federal interest rate in 2024 stands at 5.33%, a slight increase from the 5.02% rate in 2023. These higher interest rates may impact future homebuying decisions in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 34695 will likely continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by the area's desirability and the overall upward trend in property values. However, the rate of increase may slow down to maintain affordability for renters.
In summary, zip code 34695 in Safety Harbor has demonstrated a robust and growing real estate market over the past decade. The area has maintained high homeownership rates despite significant increases in average home prices, indicating strong local demand and economic stability. The rental market has also shown steady growth, with rising average rents and a consistent share of the housing market. As the community continues to evolve, it will be important to monitor how these trends impact housing affordability and the overall demographic composition of the area.
