As homeownership increased, the percentage of renters in Upland decreased from 30% in 2013 to 19% in 2022. Interestingly, average rent prices showed some volatility during this period. The average rent was $631 in 2013, dropped to $614 in 2015, then rose to $682 in 2018 before declining again to $644 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market possibly influenced by factors such as student housing demand from Taylor University.

In 2023, the average home price in Upland reached $202,910, a 3.8% increase from 2022, while federal interest rates rose significantly to 5.02%. Moving into 2024, the average home price has continued to climb, reaching $211,321, a further 4.1% increase. Concurrently, federal interest rates have edged up to 5.33%, potentially impacting future homeownership trends.

Looking ahead, predictive models suggest that average home prices in Upland are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to the smaller renter population. However, external factors such as economic conditions and local development could influence these trends.

In summary, Upland has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The town's housing market has shown resilience and growth, particularly in recent years. The interplay between federal interest rates, homeownership rates, and property values has been evident, with low interest rates correlating with increased homeownership. As Upland moves forward, the housing market is poised for continued evolution, balancing the interests of a predominantly homeowner population with the needs of a smaller but still significant renter community.