The rental market in zip code 49097 has experienced fluctuations in both percentage of renters and average rent prices. The proportion of renters decreased from 15% in 2013 to 13% in 2022, with a brief peak of 16% in 2015. Average rent prices showed volatility, rising from $855 in 2013 to a high of $915 in 2015, before declining to $802 in 2022. This trend suggests that while the area remains predominantly owner-occupied, there's still a consistent demand for rental properties, albeit with some price sensitivity.

Looking at the most recent data, average home prices in zip code 49097 continued their upward trajectory, reaching $257,786 in 2023 and further increasing to $266,092 in 2024. This represents a 7.3% increase from 2022 to 2024, despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values, even in a high interest rate environment, underscores the strong demand and resilience of the local housing market.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 49097 will continue to appreciate, albeit at a more moderate pace. Given the historical growth rate and current economic conditions, we project average home prices could reach approximately $300,000 to $320,000 by 2029. For rent prices, considering the recent volatility and overall market trends, we expect a gradual increase, potentially reaching an average of $850 to $900 per month over the next five years.

In summary, zip code 49097 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily appreciating property values. The area has shown resilience to fluctuating interest rates and economic changes, maintaining its appeal to both homeowners and a smaller but consistent renter population. The continued rise in home values, even in the face of higher interest rates, suggests ongoing demand and potential for further growth in this Michigan community.