Renter percentages in zip code 36541 have generally decreased as homeownership rates increased. The renter population dropped from 18% in 2013 to 15% in 2022. Despite this decrease, average rent prices have shown a consistent upward trend. In 2013, the average rent was $786, which increased to $1,196 by 2022, a 52% rise. The most significant jump in rent prices occurred between 2016 and 2017, increasing from $874 to $1,025, a 17.3% increase in a single year. This trend suggests that while fewer people are renting, those who do are paying significantly more.

Looking at the most recent data, the average home price in zip code 36541 reached $207,158 in 2023 and further increased to $211,333 in 2024. This represents a 4.3% increase from 2022 to 2023 and a 2% increase from 2023 to 2024, indicating a continued upward trend in home values. Simultaneously, interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.

Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 36541 to continue their upward trajectory, potentially reaching around $240,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,400 per month within the same timeframe. However, these projections may be influenced by various factors, including economic conditions, local development, and housing supply.

In summary, zip code 36541 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite fewer renters, average rent prices have risen substantially. The recent sharp increase in interest rates may impact future homeownership trends, potentially slowing the rate of increase or even reversing it. The continued rise in both home prices and rent suggests a strong demand for housing in this area, which is likely to persist in the coming years.