Renter percentages in zip code 87108 have shown a slight decline, moving from 68% in 2013 to 64% in 2022. Despite this decrease, average rent prices have generally trended upward. In 2013, the average rent was $716, and it increased to $742 by 2022, a modest 3.6% rise over the decade. The population in the zip code has remained relatively stable, peaking at 38,784 in 2014 and settling at 36,259 in 2022, which may have contributed to the moderate growth in rent prices.

Looking at more recent data, the average home price in zip code 87108 continued its upward trajectory, reaching $259,789 in 2023 and further increasing to $273,209 in 2024. This represents a 11.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 87108 will continue to rise, potentially reaching around $320,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. For average rent prices, we expect a more moderate increase, potentially reaching approximately $800 by 2029, assuming the current trends in population and housing supply remain relatively stable.

In summary, zip code 87108 has demonstrated a gradual shift towards increased homeownership, accompanied by substantial growth in average home prices. While renter percentages have slightly decreased, average rent prices have shown modest growth. The area has displayed resilience in its housing market, with home prices continuing to rise despite recent increases in interest rates. These trends suggest a dynamic and evolving housing market in this Albuquerque zip code, with potential for continued growth in both homeownership and property values in the coming years.