The rental market in Trego has shown inverse trends to homeownership. As the percentage of renters decreased from 16% in 2013 to 10% in 2022, average rent prices experienced moderate fluctuations. The average rent rose from $794 in 2013 to a peak of $835 in 2021, before declining slightly to $766 in 2022. This decline in rent prices, coupled with the decrease in renter population, suggests a shift towards homeownership in the area, possibly due to the increasing attractiveness of the location or changes in local economic conditions.

In 2023 and 2024, the housing market in Trego continued to evolve. The average home price reached $542,977 in 2023 and further increased to $544,093 in 2024, showing a continued upward trend, albeit at a slower pace compared to previous years. This coincides with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow down housing market growth.

Looking ahead, predictive models suggest that the average home prices in zip code 59934 may continue to rise, but at a more moderate pace over the next five years. This moderation is likely due to the higher interest rates, which could temper demand. Average rent prices are predicted to remain relatively stable or increase slightly, reflecting the area's low renter population and the potential for increased demand if homeownership becomes less accessible due to higher home prices and interest rates.

In summary, Trego (59934) has experienced a significant shift towards homeownership, accompanied by substantial increases in average home prices. The area has bucked some national trends by maintaining high homeownership rates even as property values and interest rates have risen. The coming years may see a stabilization of these trends, with more moderate growth in home prices and a potential slight increase in rental demand.