As homeownership decreased, the percentage of renters in Yorktown increased significantly. In 2013, 58% of residents were renters, and by 2022, this had grown to 71%. Despite this surge in demand for rentals, average rent prices have shown more moderate growth compared to home prices. The average rent increased from $798 in 2013 to $975 in 2022, a 22% rise. This more modest increase in rent prices, compared to the sharp rise in home values, may have contributed to the shift towards renting in the neighborhood.

The most recent data shows that the average home price in Yorktown reached $255,264 in 2023 and further increased to $258,031 in 2024. This continued appreciation occurs despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis. These higher interest rates may further impact homeownership rates in the coming years.

Predictive models forecast continued growth in both average home prices and rent prices in Yorktown over the next five years. Home prices are projected to maintain their upward trajectory, potentially reaching around $300,000 by 2029. Rent prices are also expected to increase, albeit at a slower pace, potentially approaching $1,200 per month by 2029. These projections assume a continuation of current economic conditions and local development patterns.

In summary, Yorktown has undergone a significant transformation in its housing market over the past decade. The most striking trends include the sharp decline in homeownership, substantial appreciation of property values, and a notable shift towards renting. These changes reflect broader urban trends and may be influenced by factors such as interest rates, local development, and changing demographics. As Yorktown continues to evolve, it will be crucial to monitor how these trends shape the neighborhood's character and accessibility in the coming years.