The renter percentage in Minor Hill fluctuated between 2013 and 2022, inversely mirroring the homeownership trend. In 2013, 17% of residents were renters, peaking at 25% in 2017 and 2018 before decreasing to 14% by 2022. Average rent prices showed some volatility during this period, starting at $671 in 2013, increasing to $759 in 2014, dropping to $632 in 2016, and then generally increasing to reach $823 in 2022. This represents a 30% increase in average rent from 2013 to 2022, despite the decrease in the percentage of renters.

In 2023 and 2024, the housing market in Minor Hill continued to evolve. The average home price reached $219,241 in 2023 and further increased to $225,932 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.

Looking ahead, predictive models suggest that average home prices in Minor Hill are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by inflation and the overall increase in housing costs. However, the rate of increase may be moderated by the high homeownership rate in the city.

In summary, Minor Hill has experienced a significant increase in homeownership rates and average home prices from 2013 to 2024. The rental market has seen fluctuations in both the percentage of renters and average rent prices. The relationship between interest rates and homeownership in the city does not strictly follow the expected inverse correlation, suggesting that local factors play a crucial role in housing market dynamics. As the city moves forward, it is likely to see continued growth in both home values and rental costs, shaped by broader economic trends and local market conditions.