Renter percentages in Brightwaters have remained consistently low, ranging from 5% to 6% between 2017 and 2022. Despite this small renter population, average rent prices have shown significant fluctuations. In 2013, the median rent was $1,757, which increased to $2,722 by 2015, representing a 55% jump in just two years. The average rent continued to rise, reaching $3,054 in 2022, a 12.2% increase from 2021. These substantial increases in rent prices, despite the low renter population, suggest a highly competitive rental market in the village.

Looking at the most recent data, the average home price in Brightwaters reached $694,657 in 2023 and further increased to $738,204 in 2024, representing a 6.3% year-over-year growth. This continued appreciation in home values occurs against the backdrop of rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Brightwaters appears to remain robust.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Brightwaters will continue to rise, potentially reaching around $900,000 by 2029. This projection is based on the consistent upward trend observed in recent years. For rent prices, the forecast suggests a continued increase, potentially reaching an average of $3,500 to $4,000 per month by 2029, assuming the current growth rate persists.

In summary, Brightwaters demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite fluctuations in the housing market and interest rates. The village has experienced significant appreciation in both home values and rent prices over the years, indicating a desirable and competitive real estate market. The continued rise in housing costs, coupled with the village's stable population and limited geographic area, suggests that Brightwaters will likely remain a predominantly owner-occupied community with a premium on both owned and rented properties in the coming years.