Renter percentages in Medina have inversely mirrored the homeownership trends. Starting at 8% in 2013, the percentage of renters peaked at 28% in 2018 and 2019, before declining to 18% by 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $1,053, which increased to $1,120 in 2014. However, there was a general downward trend thereafter, with average rent dropping to $725 in 2021, before rebounding to $940 in 2022. This fluctuation in rent prices, coupled with the city's population growth from 4,984 in 2010 to 8,742 in 2022, suggests a complex interplay between housing supply, demand, and broader economic factors.

As of 2024, the average home price in Medina stands at $304,644, showing continued growth from the 2022 figure. This represents a 95.7% increase from the 2010 average price. The current federal interest rate in 2024 is 5.33%, significantly higher than the rates seen in the early 2020s. This increase in interest rates may impact future homeownership trends and housing affordability in the city.

Looking ahead, predictive models suggest that average home prices in Medina may continue to rise, albeit at a more moderate pace. Over the next five years, we might expect average home prices to reach around $350,000 to $375,000, assuming current economic conditions persist. Average rent prices are projected to stabilize and potentially increase slightly, possibly reaching $1,000 to $1,100 per month by 2029.

In summary, Medina has experienced significant changes in its housing market over the past decade. The most notable trends include the recent rebound in homeownership rates, the substantial increase in average home prices, particularly since 2020, and the fluctuating nature of average rent prices. These trends reflect the dynamic nature of Medina's housing market and its responsiveness to broader economic factors such as interest rates and population growth.