Renter percentages in Fairfax Heights have generally increased as homeownership rates declined. The proportion of renters rose from 28% in 2013 to a peak of 44% in 2020, before settling at 40% in 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,101. This increased to $1,452 in 2017, the highest point in the observed period, before decreasing to $1,132 in 2022. The population of the neighborhood has also fluctuated, reaching 2,575 in 2022, which may have influenced demand for rental properties.

Looking at the most recent data, average home prices in Fairfax Heights continued to rise in 2023 and 2024, reaching $252,267 and $259,577 respectively. This represents a 6.7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may put pressure on homeownership rates in the near future.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Fairfax Heights will continue to rise, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.

In summary, Fairfax Heights has experienced a notable decrease in homeownership rates over the past decade, coupled with a significant increase in average home prices. The rental market has grown, with fluctuating but generally increasing rent prices. Recent data shows continuing growth in home values, while high interest rates may influence future homeownership trends. These patterns reflect the dynamic nature of the neighborhood's real estate market and suggest ongoing changes in the area's housing landscape.