Conversely, the percentage of renters in St. Joseph has decreased over time. In 2013, 20% of residents were renters, but by 2022, this figure had dropped to 10%. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $789, which decreased to $385 in 2016 before rising again to $748 in 2018. By 2022, the average rent had settled at $564. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by various factors including local economic conditions and housing availability.

Looking at the most recent data, the average home price in St. Joseph increased to $173,037 in 2023 and further to $173,729 in 2024. This represents a modest but steady growth in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in St. Joseph will continue to rise moderately, potentially reaching around $180,000 by 2029. Average rent prices may stabilize or show slight increases, potentially reaching $600-$650 by 2029, assuming current economic conditions and population trends persist.

In summary, St. Joseph has experienced a significant increase in homeownership rates over the past decade, rising from 79% to 90%. This trend has occurred alongside fluctuations in both home values and rental costs. The city's housing market has shown resilience, with home prices continuing to rise modestly despite recent increases in interest rates. These trends suggest a strong preference for homeownership in St. Joseph, potentially driven by a combination of economic factors and local housing policies.