Renter percentages in zip code 47129 have fluctuated inversely to ownership rates, decreasing from 47% in 2018 to 44% in 2022. Interestingly, average rent prices have shown a steady increase despite this trend. In 2013, the average rent was $835, which rose to $874 by 2022, a 4.7% increase. The most significant jump in rent occurred between 2020 and 2021, increasing from $849 to $877, a 3.3% rise. This upward trend in rent prices, despite a decreasing renter population, could indicate a tightening rental market or an increase in higher-quality rental properties.

In 2023 and 2024, the real estate market in zip code 47129 continued its upward trajectory. The average home price reached $183,573 in 2023 and further increased to $192,181 in 2024, marking a 4.7% and 4.7% year-over-year growth, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially influencing future homeownership trends.

Looking ahead, predictive models suggest that average home prices in zip code 47129 may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Rent prices are also expected to increase, possibly surpassing $950 per month within the same timeframe. These projections assume continued economic stability and moderate population growth in the area.

In summary, zip code 47129 has experienced a notable increase in homeownership rates alongside rising average home prices. The area has weathered significant changes in the real estate market, with both ownership and rental sectors showing distinct trends. The recent uptick in interest rates may impact future homeownership rates, while the consistent rise in both home prices and rents suggests a robust and competitive housing market in this Indiana town.