The relationship between federal interest rates and homeownership rates in Copperhill shows some correlation. For instance, the period of very low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with relatively high homeownership rates of 81% to 84%. As interest rates began to rise more significantly from 2017 onwards, there was a noticeable decline in homeownership rates, dropping to 61% by 2019 when the federal interest rate reached 2.16%.

Regarding rental trends, the percentage of renters in Copperhill has generally increased as homeownership rates declined. In 2013, only 19% of the population were renters. This figure rose to a peak of 39% in 2019, before declining slightly to 26% in 2022. Interestingly, despite the increase in the renter population, average rent prices have shown a downward trend. The average rent was $627 in 2013, fluctuating over the years before decreasing to $560 in 2022.

Looking at the most recent data, the average home price in Copperhill continued to rise, reaching $193,267 in 2023 and $200,464 in 2024. This represents a 6% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Copperhill will continue to rise, potentially reaching around $230,000 by 2029. However, the rate of increase may slow down due to the higher interest rates. Average rent prices are expected to stabilize and potentially see a modest increase, possibly reaching around $600 by 2029.

In summary, Copperhill's housing market has been characterized by rising home prices, fluctuating homeownership rates, and a general decrease in average rent prices. The recent uptick in homeownership rates, coupled with consistently increasing home prices, suggests a renewed interest in property ownership in the city. However, the impact of rising interest rates on this trend will be crucial to monitor in the coming years.