The percentage of renters in Wharton decreased from 25% in 2013 to 18% in 2022. Interestingly, average rent prices showed considerable fluctuation during this period. In 2013, the average rent was $573, which peaked at $900 in 2016 before declining to $679 in 2022. This volatility in rent prices could be attributed to changes in local economic conditions, housing supply, or shifts in population demographics.

In 2023, the average home price in Wharton reached $154,201, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $163,771, while interest rates slightly rose to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust local housing market despite higher borrowing costs.

Looking ahead, based on the historical data and current trends, we can project that average home prices in Wharton are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, average home prices could potentially reach around $200,000 by 2029. Average rent prices, which have been more volatile, may stabilize or show moderate increases, potentially reaching $750-$800 per month in the same timeframe.

In summary, Wharton has experienced a notable increase in homeownership rates and average home prices over the past decade. While rental rates have decreased, rent prices have shown more variability. The continued rise in home prices, even in the face of increasing interest rates, suggests a strong local housing market. These trends indicate a growing preference for homeownership in the community and potential opportunities for real estate investment.