Renter percentages in Deepwater have shown a corresponding decline as homeownership rates increased. In 2013, 19% of residents were renters, and this decreased to 15% by 2022. Interestingly, average rent prices in the city have fluctuated over the years. In 2013, the average rent was $658, peaking at $809 in 2016, before declining to $541 in 2022. This decrease in average rent prices, coupled with the city's stable population, suggests a shift towards homeownership and potentially increased housing supply.

Looking at the most recent data, the average home price in Deepwater was $90,503 in 2023 and increased to $95,427 in 2024. This represents a 5.4% increase in just one year, indicating a growing housing market. Simultaneously, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Deepwater appears to remain robust.

Applying predictive models to forecast 5-year trends, we can expect average home prices in Deepwater to continue their upward trajectory, potentially reaching around $110,000 by 2029. Average rent prices, which have been decreasing in recent years, may stabilize or see a slight increase, potentially reaching about $600 per month by 2029, assuming economic conditions remain stable and housing supply keeps pace with demand.

In summary, Deepwater has experienced a notable increase in homeownership rates over the past decade, coupled with fluctuations in average home and rent prices. The city's housing market has shown resilience, with recent increases in average home prices despite rising interest rates. These trends suggest a growing preference for homeownership in the community, potentially driven by the city's affordable housing market and the broader economic conditions influencing mortgage rates.