As homeownership declined, the percentage of renters in Mayflower increased from 44% in 2013 to 56% in 2022. This shift coincided with a rise in average rent prices, which increased from $699 in 2013 to $838 in 2022, a 20% increase. The population fluctuated during this period, reaching a high of 3,060 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.

Looking at the most recent data, the average home price in Mayflower continued to rise, reaching $105,218 in 2023 and $113,572 in 2024. This represents a 9.3% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Mayflower will continue to rise, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $950 per month within the same timeframe. These projections are based on the historical trends observed in the neighborhood and assume relatively stable economic conditions.

In summary, the Mayflower neighborhood has experienced a shift towards renting, with homeownership rates declining from 56% to 44% between 2013 and 2022. This change has occurred alongside significant increases in both average home prices and rent prices. The recent sharp rise in interest rates, coupled with the continued increase in home prices, suggests that the trend towards renting may persist in the near future. However, the neighborhood's desirability, as evidenced by its growing population and rising property values, indicates a strong and dynamic housing market in Mayflower.