Renter percentages in Grass Range have shown an inverse relationship to homeownership rates, as expected. The percentage of renters decreased from 25% in 2013 to 22% in 2022. Interestingly, average rent prices have not shown a consistent trend during this period. Average rent peaked at $597 in 2014, dropped to $520 in 2016, and then fluctuated, ending at $538 in 2022. These variations in rent prices don't seem to correlate strongly with changes in the renter population, suggesting other factors may be at play in this small community.

In 2023 and 2024, Grass Range saw a slight dip in average home prices followed by an increase. The average home price in 2023 was $264,169, decreasing from the 2022 figure, but it rose again to $280,634 in 2024. This occurred as federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.

Looking ahead, based on the historical data and recent trends, we can project that average home prices in Grass Range may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices might see modest increases as well, reflecting the overall trend in housing costs. However, given the small population and limited housing stock in Grass Range, these projections could be subject to significant variability.

In summary, Grass Range has experienced notable changes in its housing market over the past decade. The town has seen a general trend towards increased homeownership, significant growth in average home prices, and fluctuating rent prices. The relationship between federal interest rates and homeownership rates aligns with broader economic patterns, while the small population size of Grass Range likely contributes to some of the more pronounced fluctuations in housing market indicators.