Renter percentages in Warrendale have generally increased as homeownership rates declined. In 2013, 43% of residents were renters, and by 2022, this figure had risen to 49%. Average rent prices, however, have remained relatively stable over this period. In 2013, the average rent was $991, and by 2022, it had slightly decreased to $946, representing a 4.5% decrease. This stability in rent prices, despite increasing renter percentages, may be attributed to the neighborhood's overall population growth, which increased from 23,330 in 2013 to 24,871 in 2022.

Looking at the most recent data, the average home price in Warrendale for 2023 was $55,628, showing a slight decrease from 2022. However, in 2024, the average home price has risen to $57,898, indicating a recovery in the housing market. Concurrently, federal interest rates have continued to rise, reaching 5.33% in 2024, which may impact future homeownership rates and market dynamics.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Warrendale will continue to rise, albeit at a more moderate pace than seen in the past decade. Average home prices could reach approximately $70,000 to $75,000 by 2029. Average rent prices are expected to remain relatively stable, potentially increasing slightly to around $1,000 to $1,050 per month by 2029.

In summary, Warrendale has experienced a significant increase in average home prices over the past decade, coupled with a gradual shift from homeownership to renting. Despite these changes, rent prices have remained relatively stable. The neighborhood's housing market has shown resilience and growth, with recent data indicating a continued upward trend in home values. As Warrendale continues to evolve, it presents opportunities for both homeowners and renters in this dynamic Detroit community.