Renter percentages in Millington have generally decreased as homeownership rates increased. In 2013, 38% of the population were renters, which decreased to 35% by 2021, before rising slightly to 39% in 2022. Average rent prices have shown a steady upward trend. In 2013, the average rent was $956, which increased to $1,103 by 2022, representing a 15.4% increase over this period. This rise in rent prices occurred despite fluctuations in the city's population, which peaked at 17,301 in 2012 and decreased to 15,732 by 2022.

In 2023, the average home price in Millington reached $231,162, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $235,524, while interest rates rose to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability for prospective homebuyers.

Looking ahead, predictive models suggest that average home prices in Millington may continue to rise over the next five years, potentially reaching around $270,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 by 2029. However, these projections are subject to various economic factors and market conditions.

In summary, Millington has experienced a general trend of increasing homeownership rates and rising average home prices over the past decade. Rent prices have also shown steady growth, albeit at a slower pace than home prices. The relationship between interest rates and homeownership rates demonstrates some correlation, with lower rates generally supporting higher homeownership. As the city moves forward, continued monitoring of these trends will be crucial for understanding Millington's evolving real estate landscape.