Conversely, the percentage of renters in Boonville has increased from 19% in 2013 to 28% in 2022. Despite this increase in demand for rentals, average rent prices have fluctuated. The average rent peaked at $627 in 2013 and 2014, then gradually decreased to $580 in 2019, before rising to $632 by 2022. This trend might be influenced by the town's population dynamics, which have varied over the years, potentially affecting housing demand and supply.

In 2023 and 2024, Boonville's housing market continued to evolve. The average home price reached $216,463 in 2023 and further increased to $226,130 in 2024, continuing the upward trend observed in previous years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.

Based on observed trends, projections suggest that average home prices in Boonville may continue to rise over the next five years, potentially reaching around $275,000 by 2029. Average rent prices, which have shown more variability, might stabilize or see modest increases, possibly reaching about $700 per month by 2029. However, these projections could be influenced by various factors including economic conditions, population changes, and housing policies.

In summary, Boonville has experienced a gradual shift from a predominantly homeowner market to one with an increasing share of renters. This transition has occurred alongside a substantial increase in average home prices and fluctuating rent prices. The interplay between federal interest rates, housing affordability, and changing demographics continues to shape Boonville's housing landscape, presenting both challenges and opportunities for residents and policymakers alike.