Renter percentages in Chatham have shown a slight decrease, from 30% in 2016 to 26% in 2022. This decline in the renter population coincides with the increase in average rent prices, which rose from $962 in 2016 to $1,087 in 2022. The inverse relationship between renter percentages and average rent prices could be attributed to various factors, including improved economic conditions allowing more residents to transition to homeownership or potential out-migration of renters due to rising costs.

In 2023 and 2024, Chatham has experienced significant changes in the housing market. The average home price in 2024 is $450,375, representing a substantial increase from previous years. This rise in home values coincides with higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in Chatham, despite the higher borrowing costs associated with increased interest rates.

Looking ahead, predictive models suggest that average home prices in Chatham may continue to rise over the next five years, albeit at a potentially slower pace due to the higher interest rate environment. Average rent prices are also expected to increase moderately, reflecting the overall upward trend in housing costs and the village's desirability as a residential area.

In summary, Chatham has demonstrated a strong preference for homeownership, with rates increasing despite fluctuations in the housing market. The community has shown resilience in the face of changing economic conditions, maintaining a high percentage of owner-occupied homes while experiencing growth in both home values and rental costs. As the village moves forward, it is likely to continue balancing the needs of both homeowners and renters while adapting to broader economic trends.