As homeownership decreased, the percentage of renters in Cleveland increased from 6% in 2013 to 15% in 2022. This rise in renters was accompanied by an increase in average rent prices. The average rent rose from $880 in 2013 to $1,069 in 2022, a 21.5% increase. However, the rate of increase in rent prices was significantly lower than that of home prices, potentially making renting a more attractive option for some residents.

Looking at the most recent data, average home prices in Cleveland continued to rise in 2023 and 2024, reaching $377,636 and $380,182 respectively. This represents a slight slowdown in price growth compared to previous years. Interestingly, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Cleveland may continue to increase, but at a more moderate pace than seen in the past decade. This moderation could be influenced by the higher interest rates, which may cool demand slightly. For rent prices, we expect a continued upward trend, potentially at a rate similar to or slightly higher than recent years, driven by the increasing renter population and overall housing demand in the area.

In summary, Cleveland, Missouri has experienced a shift towards more renting and less homeownership over the past decade, alongside substantial increases in both home prices and rent. The coming years may see a moderation in home price growth due to higher interest rates, while rent prices are likely to continue their upward trajectory. These trends reflect the changing dynamics of the local housing market and could have significant implications for residents and potential investors in the area.