The percentage of renters in Jonesboro has fluctuated slightly, ranging from 16% to 21% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $726, which decreased to $571 in 2014 before steadily climbing to $836 by 2022. This represents a 15% increase in average rent from 2013 to 2022. The slight increase in the renter population (from 16% in 2013 to 20% in 2022) correlates with the rise in average rent prices, suggesting a growing demand for rental properties in the city.

In 2023, the average home price in Jonesboro reached $125,899, showing a continued upward trend. This increase persisted into 2024, with average home prices rising to $128,388. Interestingly, federal interest rates also saw a significant increase during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in Jonesboro continued to appreciate, indicating strong local demand and potentially limited housing supply.

Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Jonesboro will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing market appreciation. However, the rate of increase for both home prices and rents may slow compared to the rapid growth seen in recent years.

In summary, Jonesboro has maintained a high rate of homeownership despite significant increases in average home prices. The rental market has seen steady growth in both demand and prices. The city's housing market has shown resilience in the face of rising interest rates, with continued appreciation in home values. These trends suggest a robust local housing market with strong demand for both owned and rented properties.