As homeownership declined, the percentage of renters in Park Club increased from 39% in 2013 to 51% in 2022. This rise in renters corresponded with an increase in average rent prices, which grew from $935 in 2013 to $1,080 in 2022, a 15.5% increase over nine years. The population of Park Club fluctuated during this period, peaking at 3,648 in 2014 before settling at 3,515 in 2022. These population changes, combined with rising home prices, likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.

The housing market in Park Club continued to evolve in 2023 and 2024. The average home price rose to $185,072 in 2023 and further increased to $195,413 in 2024, representing a 17.9% increase from 2022 to 2024. This significant jump in home prices occurred despite a sharp increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024.

Predictive models suggest that average home prices in Park Club are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing market trends. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.

In conclusion, Park Club has transitioned from a majority homeowner neighborhood to one with a slight renter majority. This shift has been accompanied by substantial increases in both average home prices and rent prices. The combination of rising home values and higher interest rates may continue to challenge potential homebuyers, potentially sustaining the trend towards renting in the near future. These dynamics highlight the evolving nature of Park Club's housing market and its responsiveness to broader economic factors.