Renter percentages and average rent prices in Near Westside have shown an inverse relationship to homeownership trends. As homeownership rates fluctuated, the percentage of renters adjusted accordingly, ranging from 71% to 78% between 2013 and 2022. Average rent prices increased from $579 in 2013 to $668 in 2022, a 15% rise over the decade. Notably, the neighborhood's population declined from 2,799 in 2013 to 2,540 in 2022, which may have influenced the rental market dynamics by potentially reducing demand and moderating rent increases.

In 2023 and 2024, Near Westside continued to see growth in average home prices, reaching $123,211 in 2023 and $124,637 in 2024. This represents a 6% increase from 2022 to 2023, followed by a more modest 1.2% rise from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. These higher interest rates may impact future homeownership trends and property values in the neighborhood.

Looking ahead, predictive models suggest that average home prices in Near Westside may continue to increase over the next five years, albeit at a slower pace due to the higher interest rate environment. Average rent prices are also expected to rise moderately, influenced by the overall housing market trends and local economic factors. However, the rate of increase for both home prices and rents is likely to be more tempered compared to the rapid growth seen in the past decade.

In summary, Near Westside Neighborhood has demonstrated resilience in homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, property values, and rental market dynamics has shaped a complex housing landscape. As the neighborhood moves forward, it will likely continue to adapt to changing economic conditions, with moderate growth expected in both the homeownership and rental sectors.