Renter percentages in Edwardsburg have generally decreased as homeownership rates increased. The renter-occupied percentage dropped from 27% in 2013 to 19% in 2019, before slightly increasing to 23% in 2022. Average rent prices, however, have shown a dramatic increase, particularly in recent years. From 2013 to 2019, average rent remained relatively stable, ranging from $370 to $386. However, there was a significant jump to $613 in 2020, followed by further increases to $840 in 2021 and $1,011 in 2022. This sharp rise in rent prices, despite a decreasing renter population, suggests a tightening rental market or increased housing costs overall.

In 2023 and 2024, the housing market in Edwardsburg continued to evolve. Average home prices reached $280,927 in 2023 and further increased to $284,078 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.

Looking ahead, predictive models suggest that average home prices in Edwardsburg may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, possibly at a more moderate pace than the sharp rises seen in recent years. These projections are based on historical trends and current market conditions.

In summary, Edwardsburg has experienced a general increase in homeownership rates and a substantial rise in both average home prices and rent prices over the past decade. The relationship between interest rates and homeownership rates has followed expected patterns, with lower rates correlating with higher ownership. The recent sharp increase in both home prices and rent, coupled with rising interest rates, suggests a dynamic and potentially challenging housing market for both buyers and renters in the coming years.