Renter percentages in Prospect have generally been low, ranging from 11% to 20% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $650, which decreased to $498 in 2016 before rising steadily to reach $816 in 2022. This represents a 25.5% increase in average rent from 2013 to 2022. Interestingly, the highest renter percentage of 20% was observed in 2016 when the average rent was at its lowest point of $498, suggesting that lower rents may have temporarily attracted more renters.

In 2023, the average home price in Prospect reached $238,698, showing a continued increase from previous years. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $240,922, while the federal interest rate has risen slightly to 5.33%. These higher interest rates may impact homebuying decisions in the near future.

Looking ahead, based on the historical data and current trends, we can predict that average home prices in Prospect will continue to rise over the next five years, potentially reaching around $275,000 to $300,000 by 2029. Average rent prices are also likely to increase, possibly reaching $900 to $1,000 per month in the same timeframe. However, these projections assume a continuation of current economic conditions and local market factors.

In summary, Prospect has maintained a high rate of homeownership despite significant increases in average home prices. The community has shown resilience in its housing market, with homeownership rates remaining strong even as both home prices and interest rates have risen. Rent prices have also increased overall, but at a slower pace than home values. The interplay between these factors will continue to shape the housing landscape of Prospect in the coming years.