Renter percentages in Wellton have inversely mirrored homeownership rates, ranging from 14% to 24% between 2013 and 2022. The average rent prices have shown an overall upward trend, increasing from $645 in 2013 to $712 in 2022, a 10.4% rise over nine years. Notably, there was a significant jump in average rent from $753 in 2020 to $784 in 2021, coinciding with a decrease in the renter percentage from 21% to 18%. This suggests that as rents increased, some renters may have transitioned to homeownership, potentially driven by the low interest rates during this period.

In 2023 and 2024, Wellton's average home prices continued to rise, reaching $244,808 in 2023 and $248,900 in 2024. This represents a 5.7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in Wellton.

Looking ahead, based on the trends observed, we can expect average home prices in Wellton to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $280,000 to $300,000 by 2029. Average rent prices are also likely to increase, potentially reaching $800 to $850 per month in the next five years, assuming the current trends persist.

In summary, Wellton has maintained a strong homeownership market over the past decade, with rising average home prices and a generally high percentage of owner-occupied housing. The town has experienced a correlation between lower interest rates and increased homeownership, as well as a relationship between rising rent prices and shifts in the renter population. As Wellton moves forward, the interplay between interest rates, home prices, and rental market dynamics will continue to shape its housing landscape.