The rental market in Barnhart, while smaller, has also seen significant changes. The percentage of renters fluctuated between 6% and 11% from 2013 to 2022. Average rent prices increased from $989 in 2013 to $1,212 in 2022, a 22.5% increase. This rise in rent prices, coupled with the city's population growth from 6,911 in 2013 to 7,814 in 2022, indicates a growing demand for rental properties, albeit on a smaller scale compared to owner-occupied housing.

In 2023 and 2024, Barnhart's housing market continued its upward trajectory. The average home price reached $249,966 in 2023 and further increased to $259,387 in 2024, representing a 7.5% rise over two years. Concurrently, federal interest rates climbed significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous decade's low rates.

Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in Barnhart will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the same timeframe. These projections assume continued population growth and economic stability in the region.

In summary, Barnhart has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The city has maintained its appeal to homeowners despite rising prices, likely supported by historically low interest rates until recent years. While the rental market is smaller, it has also shown growth in both prices and demand. The recent sharp increase in interest rates may impact future homeownership trends, but Barnhart's strong history of owner-occupancy suggests the community will likely adapt to these new market conditions.