As homeownership rates decreased, the rental market in Killough Springs expanded. The percentage of renters increased from 20% in 2013 to 33% in 2022. During this time, average rent prices also rose, increasing from $988 in 2013 to $1,146 in 2022, a growth of approximately 16%. The population of Killough Springs remained relatively stable, growing slightly from 4,609 in 2013 to 5,068 in 2022, which may have contributed to the steady demand for rental properties.

Recent data shows that the average home price in Killough Springs reached $147,357 in 2023, indicating continued growth. However, in 2024, there was a slight decrease to $144,120. This minor downturn coincides with a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying affordability and demand.

Forecasts for the next five years suggest that average home prices in Killough Springs may continue to rise, but at a more moderate pace than seen in the past decade. The recent increase in interest rates could slow down price growth, potentially stabilizing around $160,000 to $170,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially reaching $1,300 to $1,400 per month in the next five years, driven by ongoing demand for rental properties in the area.

In conclusion, Killough Springs has undergone a significant transformation in its housing market over the past decade. The neighborhood has experienced a decline in homeownership rates despite rising home values, indicating a complex interaction of economic factors. The rental market has expanded in response, with both the percentage of renters and average rent prices increasing. Recent data suggests a potential stabilization in home prices, while the impact of rising interest rates may shape future market dynamics. These trends reflect a neighborhood in transition, balancing homeownership opportunities with a growing rental market.