Population trends show a decline from 937 in 2010 to a low of 531 in 2017, followed by a rebound to 765 in 2022. This U-shaped trend in population has not significantly impacted the racial makeup of the community, suggesting that both out-migration and in-migration involved predominantly white residents.

Flat Rock contrasts with many areas of the United States that have seen increasing racial diversity over the past decade. This trend differs from national patterns, where growing Hispanic and Asian populations have contributed to increasing diversity in many communities. The economic fluctuations in Flat Rock may reflect broader economic trends affecting rural America, including challenges in maintaining stable incomes in smaller communities.

Based on observed trends, Flat Rock will likely maintain its "Low Diversity" status in the near future. The consistency of its racial composition over a decade, even through significant population changes, suggests entrenched demographic patterns.

If recent population growth continues and attracts a more diverse group of new residents, a gradual shift towards the "Moderate Diversity" category may occur. This transition would likely be slow and might only become apparent over several decades if current trends persist.

Economically, the village may continue to experience fluctuations in median income, reflecting broader economic challenges facing small, rural communities. The relationship between population growth and economic prosperity will be crucial to watch, as attracting and retaining residents could be key to stabilizing and potentially growing the local economy.

Flat Rock presents a case of demographic stability in an era of change, with economic fluctuations that appear more influenced by broader rural trends than by local demographic shifts. The community's future will likely depend on its ability to maintain population growth while navigating economic challenges typical of small, rural American towns.