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Zip Code 34945: Rising Home Values and Ownership Rates in Fort Pierce, 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 34945, located in Fort Pierce, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area, covering 212.85 square miles, has seen a notable increase in average home prices and fluctuations in ownership percentages. The trends in this zip code reflect broader economic shifts and local market dynamics, providing insights into the evolving real estate landscape of this Florida community.
Homeownership rates in zip code 34945 have shown a remarkable upward trend, particularly in recent years. The percentage of owner-occupied homes rose from 81% in 2013 to an impressive 92% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $140,707, which steadily climbed to $393,056 by 2022, representing a 179% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices surging from $265,591 to $393,056, a 48% increase in just two years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.68%), homeownership rates continued to climb. This suggests that other factors, such as local economic conditions or demographic shifts, may have played a more significant role in driving homeownership in this area than interest rates alone.
Renter percentages in zip code 34945 have shown a downward trend, decreasing from 15% in 2013 to 8% in 2022. This decline in renters corresponds with the increase in homeownership rates. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $969, which peaked at $1,143 in 2020 before settling at $1,138 in 2022. The population in this zip code has remained relatively stable, with 5,193 residents in 2013 and 4,870 in 2022, suggesting that changes in rental trends are not primarily driven by population shifts.
In 2023 and 2024, the average home prices in zip code 34945 continued to rise, reaching $407,195 in 2023 and $422,510 in 2024. This represents a 7.5% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 34945. Applying a conservative linear regression model, we estimate that average home prices could reach approximately $500,000 by 2029. For rent prices, assuming a modest annual increase of 2-3%, we project average rents could rise to around $1,300-$1,350 per month in the next five years.
The most significant discoveries for zip code 34945 include the substantial increase in homeownership rates, rising from 81% to 92% between 2013 and 2022, coupled with a dramatic 179% increase in average home prices over the same period. The area has also seen a decrease in the percentage of renters, dropping from 15% to 8%. These trends, combined with the steady population and fluctuating rent prices, paint a picture of a changing real estate market in this Florida community. The continued rise in home prices and interest rates in 2023 and 2024 suggests ongoing dynamism in the local housing market, with potential implications for future affordability and homeownership rates.
