Renter percentages in Koppel have shown variability over the years, with a general downward trend from 36% in 2017 to 22% in 2022. Interestingly, average rent prices have not followed a consistent pattern in relation to renter percentages. In 2013, the average rent was $671, which decreased to $574 in 2018 before rising again to $619 in 2022. This suggests that local factors beyond simple supply and demand may be influencing rent prices in the borough.

In 2023, the average home price in Koppel reached $97,171, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, marking a significant increase from the previous year. Moving into 2024, the average home price has surged to $107,946, while the federal interest rate has further increased to 5.33%. This combination of rising home prices and higher interest rates may impact affordability and homeownership trends in the near future.

Looking ahead, based on the historical data and current trends, we can forecast potential scenarios for the next five years. Average home prices in Koppel are likely to continue their upward trajectory, potentially reaching around $130,000 to $140,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching $650 to $700 by 2029.

In summary, Koppel has experienced a notable increase in homeownership rates and average home prices over the past decade. The interplay between federal interest rates, homeownership, and housing prices has been evident, with low interest rates likely contributing to increased homeownership. The recent rise in interest rates, coupled with consistently increasing home prices, may present new challenges for potential homebuyers in the coming years. Meanwhile, the rental market has shown fluctuations, and future trends will likely depend on local economic conditions and housing supply dynamics.