Renter percentages in Whittemore have shown an inverse relationship to homeownership rates, naturally. The renter-occupied percentage decreased from 18% in 2013 to 14% in 2022. Interestingly, average rent prices increased during this period, rising from $560 in 2013 to $760 in 2022, a 35.7% increase. This rent increase occurred despite a declining population, which fell from 1,008 in 2013 to 870 in 2022, suggesting other factors such as housing quality improvements or regional economic changes may have influenced rent prices.

In 2023 and 2024, Whittemore's housing market continued to evolve. The average home price rose to $147,461 in 2023 and further increased to $152,597 in 2024, representing a 4.6% increase from 2022 to 2024. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership rates.

Looking ahead, based on recent trends, we can project that average home prices in Whittemore may continue to rise moderately over the next five years, potentially reaching around $170,000 by 2029. Average rent prices, if following the trend from 2013 to 2022, could increase to approximately $900 per month in the same timeframe. However, these projections could be influenced by various factors including economic conditions, population changes, and housing supply.

In summary, Whittemore has seen an overall increase in homeownership rates and rising home and rent prices over the past decade. The city's housing market has shown resilience, with property values appreciating despite population decline. The relationship between interest rates and homeownership rates has generally followed expected patterns, with lower rates corresponding to higher ownership. As Whittemore moves forward, its housing market will likely continue to evolve, balancing local demographic shifts with broader economic trends.