Renter percentages in The Silos have fluctuated between 18% and 23% from 2013 to 2022. Interestingly, average rent prices have shown a general upward trend during this period. In 2013, the average rent was $540, which increased to $704 by 2022, representing a 30% rise. This increase in rent prices, while significant, is less dramatic than the surge in home prices. The population of The Silos has also grown from 3,638 in 2013 to 4,254 in 2022, which may have contributed to the upward pressure on both home prices and rents.

Looking at the most recent data, the average home price in The Silos reached $403,368 in 2023 and further increased to $426,813 in 2024. This represents a 6.3% increase from 2023 to 2024, indicating a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price growth in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in The Silos will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $500,000 to $550,000. For rent prices, we expect a continued upward trend, potentially reaching an average of $850 to $900 per month by 2029.

In summary, The Silos has demonstrated resilient homeownership rates despite significant increases in home prices. The area has experienced substantial growth in both home values and rent prices, outpacing many national averages. The recent spike in interest rates, combined with the already high home prices, may lead to a moderation in price growth and potentially impact homeownership rates in the coming years. However, the continued population growth and the area's apparent desirability suggest that both the housing and rental markets in The Silos will remain robust in the foreseeable future.