Conversely, the percentage of renters in Altamont has decreased over time. In 2013, 19% of housing units were renter-occupied, which decreased to 12% by 2022. This decline in renters coincided with fluctuations in average rent prices. The median rent peaked at $711 in 2013, then decreased to $609 in 2022. The declining renter population, coupled with lower rent prices, suggests a shift towards homeownership in the community, possibly driven by the affordability of homes and changing economic conditions.

In 2023 and 2024, Altamont's housing market showed interesting developments. The average home price slightly decreased from $133,369 in 2022 to $133,145 in 2023, before rising to $136,440 in 2024. This represents a modest 2.47% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the town.

Looking ahead, we can predict potential trends for the next five years based on recent data. If the current patterns continue, we might expect average home prices in Altamont to show moderate growth, potentially reaching around $145,000 by 2029. Rent prices, which have been relatively stable in recent years, may see slight increases, possibly reaching an average of $650 per month by 2029. However, these projections are subject to various economic factors and local market conditions.

In summary, Altamont has experienced a significant increase in homeownership rates over the past decade, rising from 80% in 2013 to 88% in 2022. This trend has occurred alongside relatively stable home prices and decreasing rent prices. The town's housing market has shown resilience, with modest price increases even in the face of rising interest rates. These trends suggest a strong preference for homeownership in Altamont, possibly driven by the affordability of homes compared to renting, and the town's unique local economic factors.