Renter occupancy in Terrace Park has seen a gradual decline, from 75% in 2013 to 71% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $1,024, which decreased to $903 by 2016. However, rent prices rebounded, reaching $1,056 in 2021 before slightly decreasing to $1,004 in 2022. These fluctuations occurred against a backdrop of population growth, with the neighborhood's population increasing from 15,842 in 2013 to 18,996 in 2022.

Looking at the most recent data, the average home price in Terrace Park continued its upward trajectory, reaching $294,731 in 2023 and $311,854 in 2024. This represents a 5.3% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, from 5.02% in 2023 to 5.33% in 2024, potentially impacting home affordability and future homeownership rates.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Terrace Park will continue to rise, potentially reaching around $400,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,200 to $1,300 per month by 2029, considering the historical fluctuations and overall upward trend.

In summary, Terrace Park has experienced a significant increase in homeownership rates and average home prices over the past decade. While renter occupancy has slightly decreased, rent prices have shown more volatility. The neighborhood's growing population and rising property values indicate a strong demand for housing in the area. The continuing upward trend in home prices, coupled with higher interest rates, may present challenges for future homebuyers, potentially impacting the balance between ownership and rentals in the coming years.