Renter percentages and average rent prices in Morrison have shown an inverse relationship to homeownership trends. In 2013, when 23% of residents were renters, the average rent was $553. As the renter percentage increased to 29% in 2015, average rent rose slightly to $588. However, by 2019, as the renter percentage dropped to 16%, average rent increased to $629, indicating that a reduced supply of rental properties may have driven up prices. In 2022, with 20% of residents renting, the average rent reached $664, showing a continued upward trend in rental costs despite fluctuations in the renter population.

The housing market in Morrison has continued to evolve in recent years. In 2023, average home prices reached $290,999, with federal interest rates at 5.02%. As of 2024, average home prices have further increased to $302,636, while interest rates have risen to 5.33%. These figures indicate a continued appreciation in property values, even in the face of higher borrowing costs.

Looking ahead, predictive models suggest that average home prices in Morrison are likely to continue their upward trend over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $750 per month in the same timeframe. These projections assume continued economic stability and sustained demand for housing in the area.

In summary, Morrison has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The interplay between federal interest rates, local economic factors, and housing supply has shaped the city's real estate landscape. As the community continues to grow and evolve, maintaining a balance between affordable housing options and property value appreciation will be crucial for sustaining a diverse and thriving residential market.