Conversely, the percentage of renters in Flowery Branch decreased from 23% in 2013 to 18% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,212, which increased to $1,280 by 2022. The peak average rent of $1,458 was recorded in 2021. These rent price variations may be attributed to changes in housing supply, local economic conditions, and the growing population, which increased from 21,280 in 2013 to 26,764 in 2022.

Looking at the most recent data, the average home price in Flowery Branch continued to rise, reaching $414,108 in 2023 and $427,154 in 2024. This represents a 3% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Flowery Branch will continue to appreciate, albeit at a more moderate pace. By 2029, average home prices could potentially reach the $500,000 mark. Average rent prices are also expected to increase, potentially surpassing $1,500 per month within the next five years, driven by ongoing population growth and economic development in the region.

In summary, Flowery Branch has experienced a significant increase in homeownership rates and average home prices over the past decade, reflecting a strong local housing market. The inverse relationship between homeownership and renting percentages, coupled with the overall rise in both home values and rent prices, suggests a growing demand for housing in this expanding Georgia city. As interest rates continue to rise and the local economy evolves, it will be interesting to observe how these factors shape the future of Flowery Branch's housing market.