Renter percentages in zip code 38058 have shown an inverse relationship to homeownership rates, decreasing from 34% in 2017 to 19% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2017, the average rent was $1,198, which decreased to $1,098 in 2018 before rising again to $1,273 in 2021, and then dropping to $1,123 in 2022. These fluctuations in rent prices occurred while the population decreased from 9,090 in 2017 to 8,314 in 2022, suggesting a complex interplay between population changes and rental market dynamics.

Looking at the most recent data, the average home price in zip code 38058 continued its upward trajectory, reaching $264,674 in 2023 and further increasing to $276,479 in 2024. This represents a 10.3% increase from 2022 to 2024. Notably, the federal interest rate also saw a significant rise, jumping 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 zip code 38058 will continue to rise, albeit at a potentially slower rate due to the higher interest rates. Based on historical data and current trends, we project that average home prices could reach approximately $320,000 to $340,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,300 to $1,400 per month by 2029, assuming stable economic conditions and population trends.

In summary, zip code 38058 has experienced a significant increase in homeownership rates and average home prices from 2017 to 2024. The area has shown resilience in its housing market, with homeownership rates rising despite fluctuations in interest rates and population. The inverse relationship between homeownership and renter percentages, coupled with the consistent growth in home values, suggests a strong local housing market. However, the recent sharp increase in interest rates may introduce new dynamics to this market in the coming years.