The rental market in Plainview has also shown interesting trends. The percentage of renters increased from 22% in 2013 to 30% in 2016-2017, before settling at 27% in 2022. Average rent prices have steadily increased, rising from $538 in 2013 to $836 in 2022, representing a 55% increase. This upward trend in rent prices may be attributed to growing demand for rental properties, particularly as the city's population fluctuated and some residents may have found homeownership less attainable due to rising home prices.

In 2023 and 2024, the housing market in Plainview continued its upward trajectory. The average home price reached $276,549 in 2023 and further increased to $292,773 in 2024, representing a 13.8% increase from 2022 to 2024. Federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Plainview has remained robust, suggesting strong local demand for homeownership.

Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Plainview will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area.

In summary, Plainview has experienced significant growth in both home values and rent prices over the past decade. While homeownership rates have fluctuated, they have remained relatively high, demonstrating the city's strong appeal to homeowners. The consistent rise in property values, coupled with increasing rent prices, suggests a robust and competitive housing market in Plainview, Tennessee.