Renter percentages in zip code 38339 have fluctuated between 23% and 28% from 2013 to 2022. The average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $544, which increased to $782 in 2019, representing a significant jump. However, there was a notable decrease to $606 in 2020, possibly due to the economic impact of the COVID-19 pandemic. By 2022, the average rent had slightly increased to $608. These fluctuations in rent prices might be influenced by changes in population, which has varied between 642 and 691 residents during this period.

Looking at the most recent data, the average home price in zip code 38339 increased to $180,168 in 2023 and further to $181,055 in 2024. This represents a 5.3% increase from 2022 to 2024, indicating a steady appreciation in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 38339 to continue their upward trajectory, potentially reaching around $200,000 by 2029. This projection is based on the consistent growth observed in recent years. For average rent prices, the forecast suggests a moderate increase, possibly reaching approximately $700 per month by 2029, assuming a continuation of the gradual upward trend seen in the past decade.

In summary, zip code 38339 demonstrates a strong preference for homeownership, with rates consistently above 70%. The area has experienced notable increases in average home prices, particularly in recent years. Rent prices, while fluctuating, have shown an overall upward trend. The impact of rising interest rates on homeownership and housing affordability will be a key factor to watch in the coming years, potentially influencing the balance between owners and renters in this rural Tennessee community.