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Zip Code 34785: Rising Home Values and Shifting Ownership Patterns in Wildwood, 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
The zip code 34785, located in Wildwood, Florida, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
Homeownership rates in zip code 34785 have shown an interesting pattern. In 2013, the homeownership rate was 85%, and it gradually increased to reach a peak of 89% in 2019. However, there was a sharp decline to 75% in 2020, followed by a further decrease to 72% in 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $109,271, which steadily increased to $170,247 by 2019. The subsequent years saw a rapid acceleration in prices, reaching $254,845 in 2022, representing a 133% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow expected patterns. For instance, when interest rates were relatively low between 2013 and 2019 (ranging from 0.11% to 2.16%), homeownership rates increased. However, the sharp drop in homeownership in 2020 and 2021, despite historically low interest rates (0.38% and 0.08% respectively), suggests other factors were at play, possibly related to the broader economic impacts of the COVID-19 pandemic.
Renter percentages and average rent prices in zip code 34785 have shown their own distinct trends. The percentage of renters decreased from 15% in 2013 to 11% in 2019, before sharply increasing to 25% in 2020 and 28% in 2022. Average rent prices generally increased over this period, from $1,021 in 2013 to $1,362 in 2019. Interestingly, there was a dip in average rent to $998 in 2020, coinciding with the sudden increase in renters, before rising again to $1,019 in 2022. These trends suggest a complex interplay between housing affordability, economic conditions, and population changes in the area.
Looking at the most recent data, the average home price in zip code 34785 reached $263,730 in 2023 and further increased to $268,920 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in zip code 34785. Based on historical patterns and current economic indicators, average home prices could potentially reach around $320,000 by 2029. Average rent prices may also see steady increases, potentially surpassing $1,300 per month within the same timeframe.
In summary, zip code 34785 has experienced substantial changes in its housing market. The area has seen a general trend of increasing home values and rent prices, with some volatility in homeownership rates. The recent sharp increase in interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the coming years. However, the consistent growth in property values suggests that this zip code remains an attractive area for both homeowners and investors.
