The rental market in Oneida has shown interesting trends as well. The percentage of renters increased from 26% in 2013 to 32% in 2022. Average rent prices, however, have not shown a consistent upward trend like home prices. In 2013, the average rent was $540, which fluctuated over the years, reaching a low of $394 in 2016 before rising to $584 in 2022. This represents only an 8% increase in average rent over the nine-year period, significantly less than the growth in home prices.

Looking at more recent data, the average home price in Oneida continued to rise, reaching $182,200 in 2023 and $186,136 in 2024. This represents a slower rate of growth compared to previous years, possibly influenced by the sharp increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.

Applying predictive models to these trends, we can forecast that average home prices in Oneida may continue to rise over the next five years, but at a more moderate pace. The rate of increase is likely to slow down due to higher interest rates, which typically cool housing markets. Average rent prices may see more stability or modest increases, as the rental market often becomes more attractive when homeownership becomes less affordable.

In summary, Oneida has experienced a gradual shift towards a higher percentage of renters, driven by rapidly increasing home prices and fluctuating interest rates. While homeownership remains the dominant housing arrangement, the trend suggests a slow but steady move towards a more balanced mix of owners and renters. The significant increase in home values, outpacing rent increases, points to potential affordability challenges for prospective homebuyers in the coming years.