The renter percentage in zip code 59843 has shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. In 2013, the renter percentage was 35%, which decreased to 27% in 2016 before rising again to 30% in 2022. Interestingly, average rent prices have remained relatively stable despite these fluctuations. The average rent was $592 in 2013, peaked at $644 in 2019, and settled at $626 in 2022. This stability in rent prices, despite the significant increase in home values, suggests that the rental market in this area may be influenced more by local economic factors and population changes than by broader housing market trends.

In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 59843. The average home price reached $374,570 in 2023 and further increased to $391,451 in 2024, representing a 4.5% year-over-year increase. This growth occurs despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, yet prices continue to rise, suggesting strong underlying demand or limited housing supply in this area.

Looking ahead, we can predict that average home prices in zip code 59843 will continue to rise over the next five years, albeit at a potentially slower rate due to high interest rates. Based on historical trends, we might expect average home prices to reach approximately $450,000 by 2029. Average rent prices, which have been more stable, are likely to see modest increases, potentially reaching around $700 by 2029. However, these predictions assume relatively stable economic conditions and no major shifts in local demographics or housing policies.

In summary, zip code 59843 has experienced a slight decrease in homeownership rates accompanied by a substantial increase in average home prices over the past decade. The rental market has remained relatively stable in terms of pricing, despite fluctuations in the percentage of renters. The area's housing market has shown resilience, with continued price growth even in the face of rising interest rates. These trends suggest a complex interplay of factors influencing the local housing market, including affordability challenges, changing demographics, and broader economic conditions.