The rental market in zip code 32304 has remained robust, with renter percentages consistently high at 85% to 87% between 2013 and 2022. This high proportion of renters aligns with the area's characteristics, possibly indicating a large student population or a concentration of young professionals. Average rent prices have steadily increased over this period, rising from $937 in 2013 to $1,004 in 2022, a 7.2% increase. A notable spike in average rent to $1,091 occurred in 2021, followed by a slight decrease in 2022. As of 2024, the average home price in zip code 32304 has reached $159,380, continuing the upward trend observed in previous years. This represents a 13.9% increase from the 2022 average price. The federal interest rate has also risen significantly, standing at 5.33% in 2024, which could potentially impact future homeownership rates and home price appreciation in the area. Looking ahead, predictive models forecast continued growth in both home prices and rents for zip code 32304. By 2029, average home prices could reach approximately $190,000 to $200,000, assuming a moderate annual appreciation rate of 3-5%. Average rent prices are expected to increase to $1,150 to $1,200 by 2029, based on historical trends and accounting for inflation and local market dynamics. In conclusion, zip code 32304 in Tallahassee has demonstrated a clear trend of increasing property values and rents over the past decade, with a slight uptick in homeownership rates. The area remains predominantly renter-occupied, likely due to its urban characteristics and possibly a significant student population. While the recent rise in interest rates may moderate the pace of home price appreciation, the overall trend suggests continued growth in both the housing and rental markets in this zip code.