Renter percentages in Pennsport generally decreased as average rent prices increased. In 2013, 33% of residents were renters, with an average rent of $1,186. By 2022, the renter percentage had decreased to 32%, while the average rent had risen to $1,258, a 6% increase. The population of Pennsport grew from 6,735 in 2013 to 7,253 in 2022, potentially contributing to upward pressure on both home prices and rents.

Recent data shows the average home price in Pennsport for 2023 was $311,219, slightly decreasing from 2022. In 2024, the average home price rebounded to $314,198. This occurs against the backdrop of significantly higher federal interest rates, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity in the neighborhood.

Applying predictive models to forecast 5-year trends, average home prices in Pennsport are anticipated to continue rising, albeit at a more moderate pace due to the higher interest rate environment. Average rent prices are also expected to increase, driven by the neighborhood's growing population and the potential shift towards renting if higher interest rates persist, making homeownership less affordable for some residents.

In summary, Pennsport has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. The neighborhood has also seen moderate increases in average rent prices, coupled with a slight decrease in the percentage of renters. The recent rise in interest rates may influence future housing market dynamics, potentially slowing home price appreciation and shifting some demand towards rentals. However, the neighborhood's growing population and desirability are likely to continue supporting both the ownership and rental markets in the coming years.