The renter percentage in Gowanda has inversely mirrored the homeownership trend, decreasing from 39% in 2013 to 30% in 2022. Interestingly, average rent prices have shown some fluctuation during this period. In 2013, the average rent was $609, which decreased to $565 by 2017, but then rose to $674 in 2019. As of 2022, the average rent stood at $638, showing a slight overall increase from 2013 but with noticeable variations year to year. These fluctuations in rent prices occurred despite the overall decrease in the percentage of renters, suggesting other factors such as local economic conditions or housing supply may have influenced rental costs.

In 2023 and 2024, Gowanda has continued to see growth in average home prices. The average home price reached $144,931 in 2023 and further increased to $151,044 in 2024. This represents a 10% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the village.

Looking ahead, based on the observed trends, it's projected that average home prices in Gowanda will continue to rise over the next five years, potentially reaching around $180,000 by 2029. This forecast assumes a continuation of the current growth rate and stable economic conditions. Average rent prices are expected to show modest increases, potentially reaching approximately $700 by 2029, reflecting the historical fluctuations and gradual upward trend observed in recent years.

In summary, Gowanda has experienced a significant increase in homeownership rates and average home prices over the past decade, with a particularly sharp rise in recent years. The rental market has seen a decrease in the percentage of renters, while average rent prices have fluctuated but shown an overall slight increase. The village's housing market appears to be dynamic, with recent years showing accelerated growth in home values despite rising interest rates.