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Zip Code 34983: Port St. Lucie's Rising Home Values and Ownership Trends
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, Florida, zip code 34983, has experienced significant growth and changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, rising average home prices, and fluctuating rent costs, reflecting the dynamic nature of this coastal community.
The homeownership rate in zip code 34983 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 79%, and by 2022, it had increased to 84%. This 5% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $102,688, and by 2022, it had soared to $350,946, representing a remarkable 242% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 78-80%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased to 84%. This trend suggests that other factors, such as local economic conditions or demographic shifts, may have had a stronger influence on homeownership in this zip code than national interest rates.
Renter percentages and average rent prices in zip code 34983 have shown interesting patterns. The percentage of renters decreased from 25% in 2019 to 16% in 2022. Despite this decrease in the renter population, average rent prices have generally increased. In 2013, the average rent was $1,286, and by 2022, it had risen to $1,317, a modest 2.4% increase. The most significant jump in rent occurred between 2017 and 2019, when it increased from $1,333 to $1,403, before slightly decreasing in subsequent years.
As of 2024, the average home price in zip code 34983 has reached $374,497, continuing the upward trend observed in previous years. This represents a 3.4% increase from the 2023 average price of $362,033. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, indicating a tightening monetary policy environment.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 34983. Average home prices are likely to continue their upward trajectory, potentially reaching around $450,000 by 2029, assuming a moderate annual growth rate of 3-4%. Average rent prices may also see a gradual increase, potentially reaching $1,500-$1,600 per month by 2029, factoring in historical growth patterns and local economic conditions.
In summary, zip code 34983 in Port St. Lucie has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with homeownership rates increasing even in the face of rising interest rates. While rental rates have seen more modest growth, the overall housing market in this zip code appears robust and poised for continued appreciation in the coming years.
