Renter percentages in Timber Valley have generally increased as homeownership rates declined. In 2013, renters made up 19% of the population, which increased to 29% by 2022. This trend aligns with the rise in average rent prices, which increased from $1,124 in 2013 to $1,095 in 2022. However, it's worth noting that rent prices peaked at $1,259 in 2017 before showing some moderation in subsequent years.

Looking at the most recent data, the average home price in Timber Valley reached $344,280 in 2023 and further increased to $350,038 in 2024. This continued upward trajectory occurs despite the sharp rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, potentially impacting homeownership affordability.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Timber Valley will continue to rise, albeit at a potentially slower rate due to the current high interest rate environment. We project that by 2029, average home prices could reach approximately $400,000 to $425,000, assuming a moderate annual growth rate of 3-4%. For rent prices, we expect a more modest increase, potentially reaching an average of $1,200 to $1,300 per month by 2029, factoring in historical trends and anticipated economic conditions.

In summary, Timber Valley has experienced a notable decrease in homeownership rates coupled with significant increases in average home prices over the past decade. The rental market has seen growth in both the percentage of renters and average rent prices, although rent prices have shown some moderation in recent years. The neighborhood's housing market appears to be responding to broader economic factors, including interest rate changes, and continues to evolve. The coming years are likely to see further increases in both home prices and rents, albeit potentially at a more moderate pace than in the recent past.