The rental market in Hanover Park has seen a corresponding increase in both the percentage of renters and average rent prices. The proportion of renter-occupied housing units rose from 21% in 2013 to 27% in 2022. During this period, average rent prices also increased, climbing from $1,449 in 2013 to $1,513 in 2022, an overall increase of 4.4%. The growing renter population and rising rent prices may be attributed to factors such as increasing home prices pushing some potential buyers into the rental market and the city's population growth from 42,803 in 2010 to 42,609 in 2022.

In 2023 and 2024, Hanover Park's housing market continued to evolve. Average home prices reached $276,702 in 2023 and further increased to $294,459 in 2024, marking a 11.5% rise over two years. This upward trend occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.

Looking ahead, predictive models suggest that average home prices in Hanover Park may continue to rise over the next five years, potentially reaching around $330,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,700 per month within the same timeframe. These projections are based on historical trends and current market conditions but may be influenced by various economic factors and local developments.

In summary, Hanover Park has experienced a gradual shift from homeownership to renting, accompanied by substantial increases in both average home prices and rent. The interplay between federal interest rates, local economic conditions, and housing affordability has shaped these trends. As the city continues to evolve, balancing housing affordability with market demands will likely remain a key challenge for local policymakers and residents alike.