The renter population in Blaine has grown significantly, with the percentage of renter-occupied housing units increasing from 15% in 2013 to 34% in 2022. This 19 percentage point increase mirrors the decline in homeownership. Average rent prices have also risen, though not as dramatically as home prices. The average rent increased from $708 in 2013 to $767 in 2022, representing an 8.3% increase. It's worth noting that the city's population grew from 2,323 in 2013 to 3,010 in 2022, potentially contributing to increased demand for rental properties.

In 2023, the average home price in Blaine reached $297,704, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $317,675, while interest rates have slightly risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Blaine will continue to rise, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $900 per month in the same timeframe.

In summary, Blaine has experienced a significant shift in its housing market over the past decade. The declining homeownership rate, coupled with rising home prices and increasing rental demand, suggests a changing landscape for residents. The continued upward trend in both home prices and interest rates may further impact affordability and housing choices in the coming years.