The renter population in zip code 46635 has increased from 19% in 2013 to 31% in 2022, mirroring the decline in homeownership. Interestingly, average rent prices have shown considerable fluctuation during this period. Starting at $764 in 2013, average rent peaked at $1,203 in 2016 before declining to $915 in 2022. This trend doesn't directly correlate with the increasing renter population, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rent prices.

In 2023 and 2024, the real estate market in zip code 46635 continued to evolve. The average home price rose to $233,457 in 2023 and further increased to $244,660 in 2024, representing a 11.4% growth over two years. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with rising home prices, may continue to impact homeownership affordability in the area.

Looking ahead, predictive models suggest that average home prices in zip code 46635 may continue to rise over the next five years, potentially reaching around $280,000 by 2029. Average rent prices are also projected to increase, potentially surpassing $1,100 by 2029. These forecasts indicate a continuing trend of rising housing costs in the area.

In summary, zip code 46635 has experienced a shift towards a higher proportion of renters, coupled with rising average home prices. The interplay between federal interest rates, homeownership rates, and housing prices has shaped a dynamic real estate landscape in this area. As average home prices continue to climb and interest rates remain elevated, the local housing market may face challenges in balancing affordability and homeownership opportunities for residents.