Renter percentages in Brighton have shown a slight decline, from 24% in 2013 to 24% in 2022. Average rent prices have fluctuated over the years, with some notable changes. In 2013, the average rent was $1,061, which decreased to $921 in 2018 before rising again to $1,004 in 2022. These fluctuations in rent prices coincided with changes in the town's population, which peaked at 4,821 in 2015 before declining to 4,568 in 2022.

In 2023, the average home price in Brighton reached $255,868, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $268,364, while interest rates have risen slightly to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market in Brighton, despite higher borrowing costs.

Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for Brighton's housing market. Average home prices are likely to continue their upward trajectory, potentially reaching around $320,000 by 2029. This projection assumes a moderate annual growth rate of approximately 3-4%, which is slightly lower than the rapid increases seen in recent years. Average rent prices may also see a modest increase, potentially reaching $1,200-$1,300 per month by 2029, assuming a 3-4% annual growth rate.

In summary, Brighton, Tennessee, has maintained a high rate of homeownership despite significant increases in average home prices. The town has shown resilience in its housing market, with steady growth in property values and relatively stable rent prices. The continued rise in home prices, even in the face of higher interest rates, suggests strong demand for housing in Brighton. As the town moves forward, balancing affordability with growth will be crucial for maintaining its attractive residential profile.