The renter population in Bayview has increased as homeownership has declined. In 2013, only 19% of residents were renters, but by 2022, this had grown to 41%. Average rent prices have shown significant volatility, decreasing from $529 in 2013 to $293 in 2016 before rising dramatically to $980 in 2022. This represents an 86% increase in average rent from 2013 to 2022, despite some fluctuations in between. The sharp increase in rent prices, particularly from 2020 to 2022, may be related to the growing renter population and increased demand for rental properties.

Recent data shows that the average home price in Bayview slightly decreased from $105,286 in 2022 to $103,719 in 2023, a 1.5% drop, before rebounding to $107,573 in 2024, a 3.7% increase from 2023. Meanwhile, federal interest rates continued to rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may continue to impact homeownership rates in the neighborhood.

Predictive models forecast that average home prices in Bayview will continue to rise at a more moderate pace over the next five years. Projections suggest that average home prices could reach around $120,000 to $125,000 by 2029. Rent prices are expected to continue their upward trend, potentially reaching an average of $1,200 to $1,300 per month by 2029, assuming current economic conditions and housing market dynamics persist.

In conclusion, Bayview has transformed from a predominantly homeowner community to one with a more balanced mix of owners and renters. The neighborhood has experienced substantial increases in both average home prices and rent prices, particularly in recent years. These trends, coupled with rising interest rates, have likely contributed to the declining homeownership rates. As the community continues to evolve, it will be important to monitor how these housing market dynamics impact the overall character and demographics of the Bayview neighborhood.