Renter percentages in Metamora have shown a corresponding decline as homeownership increased. The percentage of renters decreased from 13% in 2015 to 10% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2015, the average rent was $934, which increased to $1,056 in 2016 before declining to $951 in 2022. The population growth from 12,671 in 2015 to 12,919 in 2022 may have influenced these rent price fluctuations, as demand for rental properties likely changed with the shifting demographics.

Looking at the most recent data, the average home price in Metamora for 2023 was $253,647, showing a slight decrease from 2022. However, the 2024 average home price has risen to $256,803, indicating a recovery in the housing market. Notably, the federal interest rate has increased significantly to 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Metamora will continue to rise moderately, potentially reaching around $275,000 by 2029. Rent prices are expected to stabilize and potentially increase slightly, possibly reaching an average of $1,100 per month in the same timeframe.

In summary, Metamora has experienced a strong trend towards homeownership, with the rate increasing from 85% to 90% between 2013 and 2022. This trend has been accompanied by an overall increase in average home prices, particularly notable in recent years. The rental market has seen a decline in the percentage of renters and fluctuating rent prices. With the recent rise in interest rates, it will be interesting to observe how these trends evolve in the coming years, potentially affecting both the homeownership rates and housing prices in this Illinois community.