Renter percentages in Marquand have generally increased as homeownership rates declined. In 2013, the renter-occupied percentage was 22%, which increased to 31% by 2022. Interestingly, average rent prices have shown some volatility during this period. From 2013 to 2017, average rent prices increased from $619 to $725, a 17% rise. However, from 2017 to 2022, average rent prices actually decreased from $725 to $605, a 17% drop. This decline in average rent prices occurred despite the increasing renter percentage, which could be attributed to factors such as the city's fluctuating population or local economic conditions.

Looking at the most recent data for 2023 and 2024, average home prices in Marquand have shown a slight decline. In 2023, the average home price was $187,238, and in 2024, it decreased further to $185,429. This represents a 1.9% decrease over two years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may be contributing to the cooling of home prices.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Marquand may experience a period of stabilization or slight decline, given the current high interest rate environment and recent price trends. Average rent prices might see a moderate increase as more residents opt for renting due to potentially higher barriers to homeownership. However, this could be tempered by the city's fluctuating population trends.

In summary, Marquand has experienced a decline in homeownership rates concurrent with rising average home prices from 2013 to 2022. The renter percentage has increased, while average rent prices have shown volatility. Recent data indicates a slight cooling in the housing market, likely influenced by rising interest rates. These trends suggest a shifting dynamic in Marquand's housing market, with potential implications for future homeownership rates and rental demand.