Federal interest rates have played a significant role in shaping homeownership trends in Ferger Place. From 2010 to 2015, when interest rates were consistently low (between 0.09% and 0.18%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a noticeable decline in homeownership percentages. This aligns with the general trend that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.

The renter population in Ferger Place has shown an inverse relationship to homeownership rates. In 2016, when homeownership was at its peak (56%), the renter percentage was at its lowest (42%). As homeownership declined, the renter population increased, reaching 61% in 2022. Average rent prices have also seen a significant upward trend, rising from $543 in 2013 to $1,162 in 2022, a 114% increase. This surge in rent prices coincided with a growing renter population, suggesting increased demand for rental properties in the neighborhood.

Looking at the most recent data, the average home price in Ferger Place decreased slightly to $183,903 in 2023 but is projected to rebound to $193,041 in 2024. This represents a 5% increase from 2023 to 2024. Interestingly, federal interest rates have also seen a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates observed in the dataset since 2007.

Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Ferger Place. Based on the historical data and current market conditions, average home prices could potentially reach $230,000 to $250,000 by 2029. Similarly, average rent prices may continue their upward trajectory, potentially reaching $1,400 to $1,600 per month in the same timeframe.

In summary, Ferger Place has experienced a notable shift from homeownership to renting over the past decade, coinciding with substantial increases in both home prices and rent rates. The interplay between federal interest rates, property values, and housing affordability has significantly influenced these trends. As the neighborhood continues to evolve, it will be crucial to monitor these factors and their impact on the local real estate market and community demographics.