Federal interest rates have played a crucial role in shaping homeownership trends in East Side. During the period of historically low interest rates from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates remained steady at around 71%. As interest rates rose more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 69%. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with an increase in homeownership to 73% in 2020, demonstrating the impact of lower borrowing costs on homebuying decisions.

Renter percentages in East Side have inversely mirrored homeownership rates, fluctuating between 27% and 31% from 2013 to 2022. Average rent prices have shown moderate volatility during this period. Starting at $1,028 in 2013, rent prices remained relatively stable until 2016 at $1,044, before dipping to $955 in 2017. Subsequently, rents gradually increased to $1,150 in 2021, representing a 20.4% increase from the 2017 low. The population has fluctuated over the years, from 21,441 in 2013 to 21,884 in 2022, which may have influenced rental demand and prices.

Recent data shows continued growth in the housing market, with the average home price in East Side reaching $171,828 in 2023 and further increasing to $180,535 in 2024, a 5.1% year-over-year increase. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity and affordability in the neighborhood.

Applying predictive models for 5-year trends, we anticipate that average home prices in East Side will continue to rise, albeit at a more moderate pace. Projections suggest average home prices could reach approximately $210,000 to $220,000 by 2029. For rent prices, considering historical volatility and recent trends, we estimate they could increase to around $1,250 to $1,350 per month in the next five years, assuming steady economic conditions and continued demand for rental properties in the area.

In conclusion, East Side has demonstrated resilience in homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, housing prices, and ownership rates highlights the neighborhood's sensitivity to broader economic factors. The rental market has shown moderate growth, with recent years indicating an upward trend in average rents. As the community moves forward, the balance between homeownership and renting will likely continue to be influenced by economic conditions, housing affordability, and local development initiatives.