Conversely, the percentage of renters in Allen decreased from 27% in 2013 to 19% in 2022. Despite this decline in the renter population, average rent prices showed volatility. The average rent peaked at $899 in 2015, then experienced a sharp decline to $502 in 2019, before rising again to $583 in 2022. This fluctuation in rent prices, despite a decreasing renter population, suggests that other factors, such as local economic conditions or housing supply, may have influenced the rental market.

In 2023 and 2024, Allen's housing market continued to evolve. The average home price reached $106,820 in 2023, a 5.9% increase from 2022. However, in 2024, there was a slight decrease to $106,469. This coincided with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates may have contributed to the slight cooling in home prices.

Looking ahead, based on the observed trends, it's projected that average home prices in Allen may continue to experience moderate growth over the next five years, albeit at a slower pace due to higher interest rates. Average rent prices are likely to stabilize and potentially see modest increases as the rental market adjusts to the changing demographics and economic conditions.

In summary, Allen has witnessed a substantial increase in homeownership rates and average home prices from 2013 to 2022, followed by a slight moderation in 2024. The rental market has shown volatility, with decreasing renter percentages but fluctuating rent prices. The recent rise in interest rates may impact future housing market dynamics, potentially slowing the rate of price appreciation for both owned and rented properties.