Renter percentages in Bodger Park have fluctuated inversely to homeownership rates. The renter-occupied percentage peaked at 65% in 2018 and decreased to 59% in 2022. Average rent prices have shown an overall upward trend, increasing from $1,340 in 2013 to $1,525 in 2022, a 13.8% rise over nine years. Despite population fluctuations, with the neighborhood reaching a peak of 10,938 residents in 2014 and declining to 9,493 by 2022, rent prices continued to climb, suggesting strong demand for rental properties in the area.

Recent data shows a slight decrease in average home prices from $831,116 in 2022 to $814,742 in 2023, marking a 2% decline. However, prices rebounded to $831,413 in 2024, nearly matching the 2022 level. This recent stabilization occurs against a backdrop of higher interest rates, with federal rates rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying decisions in the neighborhood.

Applying predictive models to forecast 5-year trends, we anticipate a continued upward trajectory for both average home and rent prices in Bodger Park. Based on historical data and current market conditions, average home prices could potentially reach the $900,000 to $950,000 range by 2029. Similarly, average rent prices may increase to around $1,800 to $1,900 per month within the same timeframe, assuming consistent economic growth and sustained demand for housing in the area.

In summary, Bodger Park has demonstrated resilience and growth in its real estate market over the past decade. The neighborhood has maintained a relatively stable homeownership rate while experiencing significant appreciation in property values. The rental market has also shown strength, with steadily increasing average rents despite population fluctuations. As we look to the future, Bodger Park is poised for continued growth in both home values and rental prices, making it an area of interest for both homeowners and investors in the Hawthorne real estate market.