Renter occupancy in Villa Del Monte has remained dominant, albeit with a slight decrease from 84% in 2013 to 80% in 2022. This high percentage of renters is reflected in the steady increase of average rent prices, which rose from $1,559 in 2013 to $1,934 in 2022, representing a 24% increase over nine years. The population growth from 2,568 in 2013 to 3,012 in 2022 likely contributed to the upward pressure on rent prices, as demand for housing in the area increased.

Recent data shows that average home prices in Villa Del Monte continued to rise in 2023 and 2024, reaching $841,170 and $851,713 respectively. This represents a relatively modest increase compared to previous years, possibly influenced by the significant jump in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have cooled the rapid price appreciation seen in earlier years, as higher borrowing costs typically moderate demand in the housing market.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Villa Del Monte will continue to appreciate, but at a more moderate pace than seen in the past decade. Assuming interest rates stabilize and local economic conditions remain favorable, average home prices might reach around $950,000 to $1 million by 2029. For rent prices, the forecast suggests a continued upward trajectory, potentially reaching an average of $2,300 to $2,500 per month by 2029, driven by ongoing demand for rental properties in this predominantly renter-occupied neighborhood.

In summary, Villa Del Monte has experienced a notable increase in homeownership rates and substantial growth in both average home prices and rent prices over the past decade. The interplay between federal interest rates, local population growth, and broader economic factors has shaped these trends. Moving forward, while growth is expected to continue, it may be at a more measured pace, reflecting a maturing real estate market and changing economic conditions.