Conversely, the percentage of renters in Turney has decreased significantly. In 2013, renters made up 24% of the population, but by 2022, this figure had dropped to just 4%. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,282, which decreased to $719 in 2019, before rising again to $817 in 2022. These fluctuations in rent prices, coupled with the declining renter population, suggest a shift towards homeownership in the community.

Looking at the most recent data, the average home price in Turney increased to $336,609 in 2023 and further to $346,631 in 2024. This represents a steady annual growth rate of approximately 3%. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the homeownership rate in Turney has remained high, suggesting a strong local preference for homeownership.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Turney will continue to rise, potentially reaching around $400,000 by 2029 if the current growth rate persists. Average rent prices may stabilize or increase slightly, possibly reaching around $900 per month, assuming economic conditions remain stable and the strong preference for homeownership continues.

In summary, Turney has experienced a significant shift towards homeownership over the past decade, with homeownership rates reaching exceptionally high levels. Despite rising interest rates, home prices have continued to increase, albeit at a moderate pace. The rental market has shrunk considerably, both in terms of the percentage of renters and relative rent prices. These trends paint a picture of a community that strongly favors homeownership, with a housing market that has remained relatively affordable compared to many other areas.