Conversely, the percentage of renters in Barclay has decreased over time, from 77% in 2013 to 61% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $1,073. It peaked at $1,125 in 2015 before declining to $863 in 2022, representing a 19.6% decrease from 2013 to 2022. This trend might be influenced by factors such as changes in housing supply, local economic conditions, or shifts in neighborhood demographics.

Looking at more recent data, the average home price in Barclay for 2023 was $230,675, showing a slight decrease from 2022. In 2024, the average home price further declined to $213,568. This downward trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the neighborhood.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Barclay may continue to face downward pressure in the short term due to the current high interest rate environment. However, as the market adjusts, prices could stabilize and potentially see modest growth in the latter part of the 5-year period. For average rent prices, we expect a gradual increase over the next five years, driven by the potential shift back towards renting if homeownership becomes less affordable due to high interest rates.

In summary, Barclay has experienced a significant increase in homeownership rates over the past decade, accompanied by overall growth in average home prices. The neighborhood has also seen a decrease in the proportion of renters and fluctuations in average rent prices. Recent data shows a cooling in the housing market, likely influenced by rising interest rates. These trends reflect the dynamic nature of Barclay's housing market and its responsiveness to broader economic factors.