As homeownership rates fell, the proportion of renters in Lancaster increased from 59% in 2013 to 68% in 2022. This shift towards renting coincided with a significant increase in average rent prices, which rose from $873 in 2013 to $1,297 in 2022, a substantial 48.6% increase in just nine years. Lancaster's population also grew during this period, from 910 in 2013 to 1,020 in 2022, potentially contributing to increased demand for rental properties and driving up rent prices. The real estate market in Lancaster continued its upward trajectory in 2023 and 2024. Average home prices reached $311,198 in 2023 and further increased to $322,046 in 2024, representing a 6.4% rise in just two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers. Predictive models suggest that both average home prices and rent prices in Lancaster are likely to continue their upward trend over the next five years. Based on historical data and current market conditions, average home prices could potentially reach $360,000 to $380,000 by 2029. Similarly, average rent prices might increase to $1,500 to $1,600 per month in the same timeframe, assuming current trends persist. In conclusion, Lancaster has experienced a significant shift towards renting, with homeownership rates declining as both average home prices and rent prices have substantially increased. The neighborhood's growing population and rising property values have contributed to a competitive housing market, with renters comprising an increasingly large portion of residents. As we move forward, the interplay between interest rates, population growth, and housing supply will continue to shape Lancaster's real estate landscape.