The relationship between federal interest rates and homeownership rates in Gilmore shows some correlation. The period of low interest rates from 2010 to 2016 (ranging from 0.09% to 0.40%) coincided with the high homeownership rates of 97%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, the homeownership rate in Gilmore decreased to 93% and then 86%. This suggests that higher interest rates may have made homeownership less affordable for some residents.

Renter percentages in Gilmore have inversely mirrored the homeownership trends. From 2013 to 2016, the renter percentage remained low at 3%. It then increased to 7% in 2017 and 2018, before peaking at 14% in 2019. By 2022, the renter percentage had decreased to 9%, aligning with the recovery in homeownership rates. Average rent prices have shown volatility over the years. In 2013, the average rent was $1,390, which decreased to $1,152 in 2015. However, rent prices have since increased, reaching $1,582 in 2022, representing a 13.8% increase from 2013 levels.

In 2023 and 2024, Gilmore's housing market continued its upward trajectory. The average home price in 2023 was $423,801, a 2.9% increase from 2022. In 2024, it further rose to $432,181, showing a 2% year-over-year growth. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the neighborhood.

Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for Gilmore's housing market over the next five years. Average home prices are likely to continue their upward trend, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $475,000 to $500,000 by 2029. Average rent prices may also continue to increase, potentially reaching $1,800 to $2,000 per month by 2029, driven by housing demand and overall market appreciation.

In summary, Gilmore has experienced a dynamic housing market characterized by fluctuating homeownership rates, steadily increasing average home prices, and volatile but generally rising average rent prices. The recent rebound in homeownership rates, coupled with consistent property value appreciation, suggests a resilient and attractive housing market in this Jacksonville neighborhood. However, the impact of rising interest rates and their effect on affordability will be crucial factors to watch in the coming years.