The relationship between federal interest rates and homeownership rates in Mansfield appears to follow established trends. As interest rates remained historically low between 2013 and 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable. This stability in homeownership, despite rising home prices, suggests that low interest rates may have helped maintain affordability for potential buyers.

Renter percentages in Mansfield showed slight fluctuations but remained relatively stable over the analyzed period. In 2013, the renter-occupied percentage was 53%, and by 2022, it stood at 53% as well. Average rent prices, however, experienced some volatility. From 2013 to 2019, average rent increased from $718 to $795, representing a 10.7% rise. Interestingly, rent prices then decreased to $687 by 2022, a 13.6% drop from the 2019 peak. This decline in rent prices occurred despite a slight population increase from 2,980 in 2020 to 3,024 in 2022, suggesting other local economic factors may have influenced rental market dynamics.

Looking at the most recent data, average home prices in Mansfield continued to rise in 2023 and 2024, reaching $226,035 and $232,511 respectively. This represents a further 5.4% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.

Applying predictive models to forecast 5-year trends, we anticipate average home prices in Mansfield to continue their upward trajectory, potentially reaching around $275,000 by 2029. This projection is based on the consistent growth observed over the past decade. For average rent prices, the forecast suggests a potential stabilization and gradual increase, possibly reaching approximately $750 per month by 2029, assuming local economic conditions improve and align with historical trends.

In summary, Mansfield has experienced a relatively stable homeownership rate despite rising average home prices over the past decade. The rental market has shown more volatility, with recent decreases in average rent prices. The significant increase in federal interest rates in 2023 and 2024, coupled with continuing rises in average home prices, may present challenges for future homeownership affordability in the area. These trends underscore the dynamic nature of Mansfield's housing market and the importance of monitoring these factors for residents and potential investors alike.