As homeownership declined, the percentage of renters in Elkins Park increased from 17% in 2014 to 26% in 2022. This shift occurred alongside an increase in average rent prices, which rose from $1,248 in 2014 to $1,411 in 2022, representing a 13.1% increase. The growing renter population and rising rent prices suggest an increasing demand for rental properties in the area, possibly driven by individuals priced out of the homeownership market. In 2023 and 2024, Elkins Park's housing market continued to evolve. Average home prices reached $371,855 in 2023 and further increased to $388,526 in 2024, demonstrating a sustained upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially affecting homebuying affordability and market dynamics.

Predictive models suggest that average home prices in Elkins Park may continue to rise over the next five years, potentially reaching approximately $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,600 per month within the same timeframe. These projections are based on the continuation of current trends and do not account for unforeseen economic shifts or policy changes. In conclusion, Elkins Park has experienced a gradual shift towards a more rental-oriented housing market, characterized by declining homeownership rates and rising home prices. The interplay between interest rates, home values, and rental demand has shaped a dynamic housing landscape in this Pennsylvania community. As the market continues to evolve, balancing affordability and housing options will likely remain a key concern for residents and policymakers alike.