The renter population in Portland has fluctuated between 27% and 31% from 2013 to 2022. Average rent prices have shown some variability during this period. In 2013, the average rent was $906, rising to a peak of $1,003 in 2015 before gradually declining to $914 in 2022. This trend in rent prices doesn't appear to have a strong correlation with the percentage of renters, as the renter population remained relatively stable despite these fluctuations in rent prices.

In 2023, the average home price in Portland reached $307,464, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, a significant increase from the previous year. Moving into 2024, the average home price has further increased to $313,281, while the federal interest rate has risen slightly to 5.33%. These higher interest rates may impact homebuying decisions in the coming years.

Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Portland will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, reflecting the city's growing population and demand for housing.

In summary, Portland, Tennessee, has demonstrated a robust housing market characterized by strong homeownership rates and steadily increasing average home prices. The rental market has remained relatively stable, with moderate fluctuations in average rent prices. As the city continues to grow, it's likely to see further developments in its housing landscape, balancing the needs of both homeowners and renters.