Renter percentages in Asheboro increased slightly from 35% in 2013 to 37% in 2022. During this period, average rent prices also showed an upward trend, albeit with some fluctuations. The average rent price rose from $690 in 2013 to $707 in 2022, peaking at $767 in 2021. This represents a 2.5% increase over the nine-year period. The city's population growth, from 47,968 in 2013 to 50,283 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.

In 2023, the average home price in Asheboro reached $228,114, continuing the upward trend observed in previous years. The federal interest rate for 2023 was 5.02%, significantly higher than the rates seen in the preceding decade. Moving into 2024, the average home price further increased to $238,987, while the federal interest rate rose to 5.33%. These higher interest rates may impact affordability and potentially influence future homeownership rates in the city.

Looking ahead, based on the observed trends, we can predict that average home prices in Asheboro will continue to rise over the next five years, potentially reaching around $280,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $780 by 2029. However, these projections are subject to various economic factors and market conditions.

In summary, Asheboro has experienced a significant increase in average home prices over the past decade, while homeownership rates have remained relatively stable with a slight decrease. Rent prices have shown a more modest increase, with a slight uptick in the renter population. The recent rise in interest rates, coupled with continuing home price appreciation, may present challenges for potential homebuyers in the coming years. These trends reflect a dynamic housing market in Asheboro, balancing between homeownership and rental opportunities for its residents.