Despite the increase in homeownership, West Woodlawn remains predominantly renter-occupied. The renter percentage decreased slightly from 83% in 2013 to 78% in 2022. Average rent prices have shown moderate fluctuations during this period, rising from $988 in 2013 to $1,059 by 2021, a 7.2% increase, before slightly decreasing to $968 in 2022. The population of West Woodlawn has also changed, declining from 6,819 in 2013 to 6,975 in 2022, which may have influenced rental market dynamics.

Recent data shows that the average home price in West Woodlawn for 2023 was $189,712, a slight decrease from 2022. However, the 2024 average home price has risen to $191,301, indicating a rebound in the market. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in West Woodlawn will continue to appreciate, albeit at a more moderate pace than seen in recent years. The current higher interest rate environment may slow down the rate of price growth. For rent prices, a gradual increase is expected over the next five years, driven by inflation and potential improvements in the neighborhood's amenities and infrastructure.

In summary, West Woodlawn has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. While still predominantly renter-occupied, the neighborhood has shown resilience in its real estate market. The interplay between federal interest rates, housing prices, and rental trends will likely continue to shape the housing landscape of West Woodlawn in the coming years.