Renter percentages in Kennedy Heights have inversely mirrored the homeownership trend, increasing from 33% in 2013 to 44% in 2022. This shift coincided with a significant rise in average rent prices, from $732 per month in 2013 to $955 in 2022, marking a 30% increase. The growing renter population and rising rent prices may be attributed to increased housing demand, as evidenced by the population growth from 10,120 in 2013 to 10,147 in 2022, and the overall appreciation of property values in the area.

The continued appreciation of home prices in 2023 and 2024, despite rising federal interest rates (5.02% in 2023 and 5.33% in 2024), indicates strong underlying demand in the local housing market. This trend suggests that Kennedy Heights remains an attractive location for homebuyers and investors.

Predictive models forecast that average home prices in Kennedy Heights will continue to rise over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on the consistent upward trajectory observed in both metrics over the past decade.

In conclusion, Kennedy Heights has experienced a shift towards a higher proportion of renters, coupled with significant increases in both average home prices and rent costs. The inverse relationship between homeownership rates and interest rates has been evident, while property values have shown resilience even in the face of rising interest rates. These trends suggest a dynamic and evolving housing market in Kennedy Heights, with continued growth potential in the coming years.