The rental market in Carmel Mountain has also undergone notable changes. The percentage of renters fluctuated between 41% and 46% from 2013 to 2022. Despite these variations in the renter population, average rent prices steadily increased. In 2013, the average rent was $1,911, which rose to $2,401 by 2022, marking a 25.6% increase. This upward trend in rent prices, occurring despite minor fluctuations in the renter population, suggests strong demand for rental properties in the area.

Recent data shows continued growth in the housing market. Average home prices in Carmel Mountain reached $1,174,925 in 2023 and further increased to $1,273,094 in 2024, representing an 8.4% increase. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.

Predictive models forecast that average home prices in Carmel Mountain will continue to rise, potentially reaching around $1.5 million by 2029. This projection is based on the historical growth rate and assumes continued demand for housing in the area. For rent prices, the upward trend is likely to persist, with average rents potentially approaching $3,000 per month within the next five years, driven by the area's desirability and the overall increase in property values.

In conclusion, Carmel Mountain has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates have remained relatively stable, the substantial increase in housing costs reflects the neighborhood's growing attractiveness. The interplay between federal interest rates, housing prices, and rental market dynamics will continue to shape the residential landscape of this San Diego community in the coming years.