Renter percentages in Morrison have remained low, ranging from 9% to 13% between 2013 and 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $936, which decreased to $741 in 2019, before rising again to $779 in 2022. This fluctuation in rent prices, coupled with the relatively stable renter percentage, indicates that the rental market in Morrison may be influenced by factors beyond simple supply and demand dynamics.

Looking at the most recent data, average home prices in Morrison continued their upward trajectory, reaching $131,469 in 2023 and $134,946 in 2024. This represents a 4.2% increase from 2022 to 2023 and a further 2.6% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, jumping from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite this substantial increase in interest rates, home prices have continued to climb, albeit at a slower pace than in previous years.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Morrison will continue to rise, albeit at a more moderate pace. Given the historical trend and recent slowdown, we project average home prices could reach approximately $150,000 to $160,000 by 2029. For rent prices, the forecast suggests a potential stabilization or slight increase, potentially reaching an average of $850 to $900 per month by 2029, assuming current economic conditions persist.

In summary, Morrison's housing market is characterized by high homeownership rates and steadily increasing average home prices. Despite recent significant increases in federal interest rates, home prices have continued to rise, suggesting strong local demand for housing. The rental market, while smaller, has shown more volatility in pricing. These trends indicate a robust and evolving housing market in zip code 65061, with a strong preference for homeownership among residents.