The renter population in Ridgedale has grown from 58% in 2013 to 61% in 2022. Concurrently, average rent prices have shown considerable volatility. In 2013, the average rent was $656, which increased to a peak of $966 in 2021 before slightly decreasing to $1,032 in 2022. This represents a 57% increase in average rent over nine years. The growing renter population, combined with rising rent prices, indicates a strong demand for rental properties in the area, possibly driven by those unable to enter the increasingly expensive homeownership market.

In 2023 and 2024, the housing market in Ridgedale continued its upward trajectory. The average home price reached $197,526 in 2023 and further increased to $206,782 in 2024. This represents a 4.7% and 9.5% increase from 2022, respectively. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.

Looking ahead, predictive models suggest that both average home prices and rent prices in Ridgedale are likely to continue their upward trend over the next five years. Home prices are projected to increase by approximately 5-7% annually, potentially reaching around $275,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially exceeding $1,300 per month within the same timeframe.

In summary, Ridgedale has experienced a significant shift in its housing landscape over the past decade. The neighborhood has seen a decrease in homeownership rates coupled with substantial increases in both average home prices and rent prices. These trends, influenced by factors such as federal interest rates and local market dynamics, have reshaped the accessibility of housing in the area. As the neighborhood continues to evolve, it's likely that these patterns will persist, potentially further altering the demographic makeup and economic landscape of Ridgedale.