The rental market in zip code 37034 has also experienced changes. The percentage of renters increased from 13% in 2013 to 14% in 2022, with a peak of 18% in 2020 and 2021. Average rent prices have shown an overall upward trend, rising from $943 in 2013 to $1,011 in 2022, an increase of 7.2%. It's worth noting that the population grew from 6,369 in 2010 to 7,952 in 2022, which may have contributed to the increased demand for rental properties.

In 2023 and 2024, the housing market in zip code 37034 continued to evolve. The average home price reached $380,161 in 2023 and further increased to $386,291 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.

Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and average rent prices over the next five years. Average home prices are projected to potentially reach around $450,000 by 2029, assuming a similar growth rate to recent years. Average rent prices may increase to approximately $1,150 per month in the same timeframe, factoring in historical increases and potential market pressures.

In summary, zip code 37034 has maintained a high homeownership rate despite significant increases in average home prices. The rental market has seen moderate growth in both the proportion of renters and average rent prices. With rising interest rates and continuing population growth, the area may face new challenges in maintaining housing affordability while accommodating increasing demand.