The renter percentages in Penfield Park have generally decreased as homeownership rates increased. In 2013, 20% of the housing units were renter-occupied, which decreased to 11% by 2020, before slightly increasing to 16% in 2022. However, due to the lack of specific average rent price data for the neighborhood, it is challenging to draw direct correlations between renter percentages and rent prices. Recent data shows some fluctuations in home prices in Penfield Park. The average home price was $108,727 in 2023, showing a slight decrease from the 2022 price of $112,731. In 2024, the average home price further decreased to $103,426. This recent downward trend in home prices coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices in the neighborhood. Forecasting 5-year trends using predictive models suggests that average home prices in Penfield Park are likely to stabilize or potentially experience modest growth. The recent decrease in prices might be a short-term correction following the rapid growth seen in previous years. If interest rates remain high, it could continue to exert downward pressure on home prices. However, the strong homeownership rate in the neighborhood indicates a stable demand for housing, which could help support prices in the medium term.

Penfield Park has demonstrated a robust increase in homeownership rates and average home prices over the past decade. The neighborhood has maintained a high percentage of owner-occupied housing despite fluctuations in the broader economic environment. The recent cooling of home prices, coinciding with rising interest rates, indicates that the local real estate market is responsive to national economic factors. As we look to the future, the interplay between interest rates, local demand, and broader economic conditions will likely continue to shape the housing market in Penfield Park.