Renter percentages and average rent prices in Greenfield have shown their own distinct patterns. In 2013, 26% of residents were renters, with an average rent of $496. As the renter percentage increased slightly to 28% in 2019, average rent rose to $613. Interestingly, despite a decrease in the renter percentage to 22% in 2022, average rent continued to climb, reaching $697. This suggests that even as fewer residents opt for renting, those who do are facing higher rental costs.

The years 2023 and 2024 have brought significant changes to Greenfield's housing market. Average home prices have continued their upward trajectory, reaching $131,937 in 2023 and $138,942 in 2024. This represents a substantial increase from the 2022 average of $124,341. Concurrently, federal interest rates have risen dramatically, hitting 5.02% in 2023 and 5.33% in 2024, levels not seen since 2007. These higher interest rates may impact homeownership trends and affordability in the coming years.

Looking ahead, predictive models suggest that Greenfield's housing market will likely continue its growth trajectory over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $180,000 by 2029. Average rent prices are expected to follow a similar trend, with annual increases of 3-5%, potentially approaching $800 per month by 2029.

In summary, Greenfield has maintained a strong homeownership culture despite rising home prices and recent increases in interest rates. The city has seen steady growth in both home values and rental costs, with homeownership rates remaining high. The coming years may present challenges as interest rates rise, but Greenfield's housing market has shown resilience in the face of changing economic conditions. The continued upward trend in both home prices and rents suggests a robust demand for housing in this Tennessee city.