The percentage of renter-occupied housing in Surf City has decreased over time. In 2013, 25% of housing units were renter-occupied, but this figure dropped to 15% by 2022. Despite the decrease in rental occupancy, average rent prices have generally increased. The average rent rose from $1,072 in 2013 to $1,113 in 2022, representing a 3.8% increase. This trend suggests that while fewer people are renting, those who do are paying higher prices, possibly due to increased demand for the limited rental inventory.

Recent data shows that the average home price in Surf City reached $684,882 in 2023 and further increased to $691,425 in 2024. This continued upward trajectory in home prices occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet Surf City's housing market has remained robust, indicating strong demand for properties in the area.

Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Surf City will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $750,000 to $800,000 by 2029. Average rent prices are also expected to increase, possibly reaching $1,300 to $1,400 per month within the next five years, driven by the limited rental inventory and the town's growing popularity.

In summary, Surf City has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The rental market has contracted in terms of occupancy but has seen modest increases in average rent. Despite rising interest rates, the housing market in Surf City remains strong, reflecting the town's enduring appeal as a coastal destination. These trends suggest a continued robust real estate market in Surf City, with potential for further growth in both home values and rental prices in the coming years.