The trend in homeownership rates appears to have an inverse relationship with federal interest rates. As interest rates remained low, particularly from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates in St. Leonard increased from 83% to 84%. The continued low interest rates through 2020 (0.38%) coincided with a further increase in homeownership to 89%. This trend aligns with the general economic principle that lower interest rates make home financing more accessible, encouraging higher rates of homeownership.

Conversely, the percentage of renters in St. Leonard has decreased from 17% in 2013 to 10% in 2022. Despite this decline in the renter population, average rent prices have shown significant volatility. In 2013, the average rent was $3,164, which peaked at $3,836 in 2019 before dramatically decreasing to $1,600 in 2022. This substantial drop in average rent prices, particularly from 2021 to 2022 (a 54.7% decrease), is notable and may be influenced by various local economic factors or changes in the rental market composition.

Looking at the most recent data, the average home price in St. Leonard reached $448,384 in 2023 and further increased to $451,009 in 2024. This represents a modest growth of 0.6% from 2023 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a more moderate pace compared to the sharp increases seen in recent years. Average rent prices may stabilize and potentially increase as the market adjusts to the recent steep decline. However, the high interest rates could potentially slow down the growth in homeownership rates and may lead to a slight increase in the renter population if sustained over the long term.

In summary, St. Leonard has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. The rental market has seen a decrease in the percentage of renters and volatile rent prices. Recent data shows continued growth in home prices and rising interest rates, which may shape future housing trends in the area. These trends reflect a dynamic housing market in St. Leonard, with potential implications for future housing affordability and market composition.