Renter percentages in Northwest Aurora have generally increased from 38% in 2013 to 44% in 2022, inversely mirroring the homeownership trend. Average rent prices have also seen an upward trajectory, rising from $1,076 in 2013 to $1,137 in 2022, an increase of about 5.7%. This relatively modest increase in rent prices compared to the substantial rise in home prices suggests that renting has become a more attractive option for many residents, especially as the population decreased from 10,293 in 2013 to 8,575 in 2022.

Looking at the most recent data, the average home price in Northwest Aurora reached $219,877 in 2023 and further increased to $236,704 in 2024. This represents a year-over-year increase of 7.7% from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Northwest Aurora will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $280,000 to $300,000, assuming a moderate annual growth rate of 3-5%. Average rent prices are also expected to increase, potentially reaching $1,300 to $1,400 per month by 2029, reflecting a steady annual growth of 2-3%.

In summary, Northwest Aurora has experienced a shift towards renting, with homeownership rates declining as average home prices have significantly increased. The substantial rise in property values, coupled with fluctuating interest rates, has likely contributed to this trend. As the neighborhood continues to evolve, the interplay between housing costs, rental markets, and population dynamics will shape its residential landscape in the coming years.