Conversely, the percentage of renters in Hinsdale has decreased over time, from 32% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown significant fluctuations. In 2013, the average rent was $812, which increased to a peak of $1,497 in 2016 before declining to $979 in 2022. These fluctuations in rent prices may be attributed to changes in housing demand, local economic conditions, and the decreasing proportion of renters in the community.

Looking at the most recent data from 2023 and 2024, we see that the average home prices in Hinsdale have continued to rise. In 2023, the average home price reached $248,169, and in 2024, it further increased to $268,662. This represents a 18.5% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Hinsdale will continue to rise, albeit potentially at a slower rate due to the higher interest rates. If the current trajectory continues, average home prices could reach approximately $320,000 to $350,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or increase slightly, potentially reaching $1,100 to $1,200 per month by 2029, assuming the renter population remains relatively stable.

In summary, Hinsdale has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has transitioned from a more balanced mix of owners and renters to a predominantly owner-occupied housing market. While rent prices have fluctuated, they have generally trended upward. The recent rise in interest rates may impact future homeownership trends, but the strong preference for homeownership in the community suggests that demand for owned homes may continue to drive prices upward in the coming years.