As homeownership decreased, the percentage of renters in Cameron increased from 10% in 2013 to 27% in 2022. This shift towards renting could be attributed to various factors, including changes in population demographics or economic conditions. The population of Cameron has been volatile, peaking at 798 in 2014 and declining to 481 by 2022, which may have influenced the rental market dynamics.

In 2023 and 2024, we observe a continued upward trend in average home prices in Cameron. The average home price rose to $130,785 in 2023 and further increased to $138,460 in 2024. This represents an 11.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.

Looking ahead, based on the recent trends, we can project that average home prices in Cameron may continue to rise over the next five years, potentially reaching around $160,000 by 2029 if the current growth rate persists. However, the higher interest rates could moderate this growth. As for rent prices, while specific data is not available, the increasing renter population suggests that average rents may also see an upward trend, possibly aligning with the growth in home prices.

In summary, Cameron has experienced a shift from homeownership to renting over the past decade, with a recent uptick in average home prices. The interplay between declining population, increasing rental occupancy, and rising home values presents a complex housing market scenario for this small Illinois community. The future of the local real estate market will likely be influenced by these ongoing trends, as well as broader economic factors such as interest rates and regional economic conditions.