As homeownership rates declined, the percentage of renters in Broadway Gillham increased from 82% in 2013 to 93% in 2022. This shift corresponded with a steady rise in average rent prices, which increased from $629 in 2013 to $1,089 in 2022, a 73% increase over nine years. The growing renter population, combined with limited housing supply, has likely contributed to the upward pressure on rental rates. The neighborhood's population fluctuated during this period, reaching a peak of 987 residents in 2015 before settling at 953 in 2022, potentially influencing the demand for rental properties.

Recent data shows that average home prices in Broadway Gillham continued to appreciate, reaching $284,285 in 2023 and $291,016 in 2024. This upward trajectory persists despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. The continued rise in home values, even in the face of higher borrowing costs, suggests strong underlying demand for properties in this neighborhood.

Predictive models forecast that average home prices in Broadway Gillham will continue to increase over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to rise, driven by the neighborhood's high renter occupancy rate and the ongoing demand for urban living spaces. However, the rate of increase may moderate as affordability concerns become more pronounced.

In conclusion, Broadway Gillham has undergone a significant transformation in its housing market over the past decade. The neighborhood has transitioned into a predominantly renter-occupied community, with steadily increasing average home and rent prices. Despite rising interest rates, property values continue to appreciate, reflecting the area's desirability. These trends suggest that Broadway Gillham will likely remain a predominantly rental market with potential for further property value appreciation in the coming years.