Renter percentages in Fairmount have generally mirrored the inverse of homeownership rates, ranging from 59% to 72% between 2013 and 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $650, which peaked at $841 in 2015 before declining to $584 in 2019. By 2022, the average rent had rebounded to $853, marking a 31% increase from 2013. These fluctuations in rent prices may be influenced by changes in the neighborhood's population, which grew from 1,886 in 2013 to 2,089 in 2022, potentially increasing demand for rental properties.

In 2023 and 2024, Fairmount's housing market continued its upward trajectory. The average home price reached $196,252 in 2023 and further increased to $221,879 in 2024, representing a 28% rise over two years. This surge occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.

Looking ahead, predictive models suggest that average home prices in Fairmount may continue to rise over the next five years, potentially reaching around $275,000 by 2029. This projection is based on the consistent upward trend observed since 2013. Average rent prices are also expected to increase, potentially reaching approximately $1,000 per month by 2029, assuming the trend of gradual increases continues.

In summary, Fairmount has experienced significant growth in both average home prices and average rent prices over the past decade. The neighborhood has seen fluctuations in homeownership rates, influenced by factors such as federal interest rates and local market conditions. The recent surge in home prices, despite rising interest rates, suggests a strong demand for housing in the area. As Fairmount continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.