Federal interest rates have played a role in homeownership trends in Eatons Neck. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the high homeownership rates observed in the community. However, as interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), we see a slight decrease in homeownership rates, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.

The percentage of renters in Eatons Neck has remained relatively low but has shown a gradual increase over time. In 2013, only 2% of housing units were renter-occupied. This figure remained stable until 2019 when it increased to 5%. By 2022, the renter-occupied percentage had risen to 6%. Average rent prices have also increased significantly. In 2016, the average rent was $2,250, which remained stable through 2018. However, by 2021, the average rent had surged to $3,500, representing a 55.6% increase over five years. Interestingly, in 2022, the average rent decreased to $2,416, possibly due to market corrections or changes in the local rental market.

Looking at the most recent data, the average home price in Eatons Neck for 2023 was $869,551, showing a slight decrease from the 2022 figure. However, in 2024, the average home price has rebounded to $894,147, indicating continued strength in the local housing market. The federal interest rate for 2024 stands at 5.33%, which is slightly higher than the 2023 rate of 5.02%. This increase in interest rates may continue to put pressure on homeownership rates in the coming years.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Eatons Neck will likely continue to rise, albeit at a more moderate pace. Given the historical data and current market conditions, we might expect average home prices to reach approximately $950,000 to $1,000,000 by 2029. Average rent prices may also continue to increase, potentially reaching around $3,000 to $3,200 per month in the next five years, assuming no significant economic disruptions.

In summary, Eatons Neck has maintained a high rate of homeownership despite recent slight declines. Average home prices have shown a strong upward trend over the past decade, with some fluctuations. The rental market, while small, has seen growth in both the percentage of renters and average rent prices. The interplay between federal interest rates, homeownership rates, and housing prices suggests that future trends will depend on broader economic factors and local market dynamics.