Renter percentages in Walnut Creek increased from 12% in 2013 to 16% in 2022, coinciding with a significant rise in average rent prices. In 2013, the average rent was $590, which more than doubled to $1,282 by 2022. This sharp increase in rent prices occurred alongside population growth, with the village's population rising from 2,661 in 2013 to 3,885 in 2022, potentially contributing to increased demand for rental properties.

Looking at the most recent data, average home prices in Walnut Creek continued to rise, reaching $410,050 in 2023 and $424,538 in 2024. This upward trend persisted despite the significant increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing market dynamics in the village.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Walnut Creek will continue to increase, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $475,000 to $500,000 by 2029. Average rent prices are also expected to rise, potentially reaching $1,500 to $1,700 per month in the next five years, driven by population growth and increasing housing costs.

In summary, Walnut Creek has experienced a slight decrease in homeownership rates coupled with significant increases in both average home prices and average rent prices over the past decade. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. As the village continues to grow, it's likely to see further increases in housing costs, potentially impacting the balance between homeowners and renters in the community.