The percentage of renters in Four Oaks has fluctuated slightly, ranging from 35% to 41% between 2013 and 2022. Average rent prices have shown a substantial increase, particularly in recent years. In 2013, the average rent was $465, and by 2022, it had risen to $1,149, representing a 147% increase over nine years. The most dramatic increases occurred from 2020 to 2022, with average rent rising from $785 to $1,149, a 46% jump in just two years. This rapid increase in rent prices coincides with the town's population growth, suggesting increased demand for rental properties.

In 2023 and 2024, the housing market in Four Oaks continued its upward trajectory. The average home price reached $280,695 in 2023 and further increased to $293,066 in 2024, representing a 5% and 4.4% year-over-year growth, respectively. These increases occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.

Looking ahead, based on the historical data and recent trends, we can predict that average home prices in Four Oaks will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate would suggest average home prices could reach around $350,000 by 2029. Average rent prices are also likely to continue increasing, potentially reaching $1,500-$1,700 per month by 2029, driven by population growth and rising property values.

In summary, Four Oaks has experienced significant growth in both population and housing costs over the past decade. While homeownership rates have remained relatively stable, both average home prices and average rent prices have more than doubled. The town's rapid population growth, coupled with broader economic factors, has driven these increases. As Four Oaks continues to grow, it's likely to see further increases in housing costs, though the pace may moderate due to rising interest rates and potential market stabilization.