As homeownership rates increased, the percentage of renters in Newark generally decreased. The renter-occupied percentage dropped from 36% in 2013 to 26% in 2019, before slightly increasing to 32% in 2022. Average rent prices fluctuated during this period, rising from $657 in 2013 to a peak of $647 in 2018, then declining to $584 in 2022. This decline in average rent prices, coupled with the city's population growth from 2,089 in 2019 to 2,225 in 2022, suggests a potential increase in affordable rental options or a shift in local rental market dynamics. Newark's housing market continued to evolve in 2023 and 2024. The average home price reached $137,986 in 2023, showing a slight increase from 2022. However, in 2024, there was a decrease to $131,516. This decline coincided with a significant rise in federal interest rates, which increased to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may have contributed to the cooling of home prices in Newark. Based on observed trends and current market conditions, it's projected that average home prices in Newark may experience moderate growth over the next five years. However, this growth could be tempered by the current high interest rates. Average rent prices are expected to stabilize or show slight increases, potentially driven by the balance between homeownership rates and rental demand. In summary, Newark has experienced a notable increase in homeownership rates over the past decade, accompanied by rising average home prices until recently. The rental market has shown more variability, with decreasing renter percentages and fluctuating average rent prices. The recent increase in interest rates appears to be influencing the housing market, as evidenced by the slight decline in average home prices in 2024. These trends indicate a dynamic housing market in Newark, balancing between homeownership aspirations and rental market realities.