Conversely, the percentage of renters in Beulah has decreased significantly, from 20% in 2013 to just 9% in 2022. This decline in renters coincides with fluctuations in average rent prices. The average rent peaked at $864 in 2015 and 2021, but has shown some volatility, dropping to $724 in 2018 before rising again to $852 in 2022. The decreasing renter population, despite relatively stable rent prices, suggests a strong preference for homeownership in the community.

In 2023 and 2024, Beulah continued to see growth in its real estate market. The average home price reached $377,340 in 2023 and further increased to $388,452 in 2024, representing a 6.1% and 2.9% year-over-year growth, respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand and limited housing supply.

Looking ahead, predictive models suggest that Beulah's real estate market will continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $450,000 by 2029. Average rent prices are expected to follow a similar trajectory, with estimated annual increases of 2-3%, potentially reaching about $950 per month by 2029.

In summary, Beulah has experienced a significant shift towards homeownership, accompanied by substantial increases in property values over the past decade. Despite rising interest rates, the local real estate market has shown resilience and continued growth. The village's high rate of owner-occupied homes, coupled with steady property value appreciation, suggests a stable and desirable housing market that is likely to remain attractive to both current residents and potential newcomers in the coming years.