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Zip Code 34952: Rising Home Values and Resilient Ownership in Port St. Lucie, 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
Port St. Lucie zip code 34952, located in Florida, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 34952 has shown some variability over the years. In 2013, the homeownership rate was 71%, which increased slightly to 72% in 2014. However, there was a decline in subsequent years, reaching a low of 67% in 2019. Interestingly, this trend reversed in recent years, with homeownership rates climbing back to 72% by 2022. This resurgence in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $92,254, which more than tripled to $310,661 by 2022, representing a remarkable 236% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates actually decreased from 71% to 68%. This counterintuitive trend suggests that other factors, such as rapidly increasing home prices, may have had a stronger influence on homeownership than low interest rates during this period. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased, reaching 72% in 2022. This could indicate that local buyers were motivated to enter the market before further rate increases made homeownership less affordable.
Renter percentages and average rent prices in zip code 34952 have also shown notable trends. The percentage of renters increased from 29% in 2013 to a peak of 33% in 2019, before declining to 28% in 2022. Average rent prices have consistently increased over this period, rising from $1,148 in 2013 to $1,339 in 2022, an increase of about 16.6%. It's worth noting that the population of the zip code has also grown during this time, from 36,513 in 2013 to 40,916 in 2022, which likely contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, the housing market in zip code 34952 continued to evolve. The average home price in 2023 was $324,394, representing a 4.4% increase from 2022. In 2024, the average home price further increased to $336,858, a 3.8% rise from 2023. Notably, these price increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 34952 may continue to appreciate, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest annual increases of 3-5%, which could bring the average home price to around $390,000-$430,000 by 2029. Average rent prices may also continue their upward trajectory, potentially reaching $1,500-$1,600 per month by 2029, assuming a similar growth rate to recent years.
In summary, zip code 34952 in Port St. Lucie has demonstrated a dynamic housing market characterized by strong home price appreciation, fluctuating but recently increasing homeownership rates, and steadily rising rent prices. The area has shown resilience in the face of changing interest rates and continues to attract new residents, as evidenced by its population growth. These trends suggest a robust local real estate market with potential for continued growth in both home values and rental rates in the coming years.
