Renter occupancy in the 8th Ward increased from 47% in 2013 to 49% in 2022, correlating with a rise in average rent prices. In 2013, the average rent was $1,071, which increased to $1,085 by 2022, a modest 1.3% rise. The relatively stable rent prices, despite increasing home values, may have contributed to the slight shift towards renting in the neighborhood. Additionally, the ward's population grew from 10,499 in 2013 to 11,593 in 2022, potentially increasing demand for rental properties.

More recent data shows that average home prices in the 8th Ward continued their upward trajectory, reaching $175,343 in 2023 and $187,939 in 2024. This represents a further 16.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with escalating home prices, may present challenges for potential homebuyers in the near future.

Predictive models suggest that average home prices in the 8th Ward are likely to continue their upward trend over the next five years, potentially reaching around $225,000 by 2029. This projection is based on the consistent growth observed in recent years and assumes relative economic stability. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $1,200 by 2029. These projections take into account historical trends, current market conditions, and anticipated economic factors.

In summary, the 8th Ward of Allentown has experienced a significant increase in property values over the past decade, with a slight shift towards renting. The interplay between federal interest rates, home prices, and rental markets has shaped the housing landscape in this neighborhood. As property values continue to rise, maintaining a balance between affordable housing options and neighborhood development will be crucial for the ward's future growth and sustainability.