Renter percentages in McMinnville have shown a slight increase over the years, moving from 40% in 2013 to 41% in 2022. This trend has been accompanied by a gradual rise in average rent prices. In 2013, the average rent was $592, which increased to $664 by 2022, representing a 12% increase over nine years. The city's population growth, from 20,322 in 2013 to 20,744 in 2022, may have contributed to the slight increase in rental demand and prices.

As of 2024, the average home price in McMinnville has reached $244,773, continuing the upward trend observed in previous years. This represents a 7% increase from the 2022 average price of $228,081. Concurrently, the federal interest rate has risen to 5.33% in 2024, significantly higher than the 1.68% rate in 2022. This increase in interest rates may impact future homebuying decisions and potentially influence the local housing market dynamics.

Looking ahead, based on the observed trends, it's anticipated that average home prices in McMinnville will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and housing demand. However, the rate of increase may be tempered by economic factors and housing supply adjustments.

In summary, McMinnville's housing market has demonstrated resilience and growth over the past decade. The stability in homeownership rates, coupled with significant increases in average home prices, suggests a robust local real estate market. The slight increase in renter percentages and gradual rise in average rent prices indicate a balanced housing ecosystem. As the city moves forward, these trends are likely to shape its housing landscape, with potential moderation influenced by broader economic factors and interest rate dynamics.