The relationship between federal interest rates and homeownership rates in Clifton is noteworthy. From 2010 to 2015, when interest rates were historically low (between 0.1% and 0.18%), homeownership rates remained above 82%. As interest rates began to rise from 2016 onwards, there was a slight decrease in homeownership, dropping to 80% by 2022 when the federal interest rate reached 1.68%.

Renter percentages in Clifton have shown a slight increase over time, correlating with changes in average rent prices. In 2013, only 16% of the population were renters, with an average rent of $567. By 2022, the renter percentage had increased to 20%, with average rent reaching $585. The most significant spike in average rent occurred in 2021, hitting $883, before decreasing in 2022.

Recent data shows that average home prices in Clifton continued to rise in 2023 and 2024, reaching $154,060 and $155,631 respectively. This growth occurred despite the federal interest rate increasing to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has maintained momentum even in the face of higher borrowing costs.

Predictive models forecasting 5-year trends anticipate continued growth in both average home prices and rent prices in Clifton. Based on historical data and current market conditions, average home prices could potentially reach around $180,000 by 2029. Average rent prices may see more moderate growth, potentially reaching around $650-$700 per month in the same timeframe.

In conclusion, Clifton's real estate market has demonstrated resilience and growth over the past decade. The city maintains a high rate of homeownership despite rising home prices and fluctuating interest rates. The rental market has seen moderate growth in both percentage of renters and average rent prices. These trends suggest a dynamic and potentially attractive market for both homeowners and investors in the coming years.