Renter percentages and average rent prices have shown their own distinct trends. In 2013, 48% of residents were renters, with an average rent of $1,255. As the renter population increased to 55% in 2016, average rent remained relatively stable at $1,260. Interestingly, despite fluctuations in the renter population, average rent prices steadily increased, reaching $1,496 in 2020 when the renter percentage dropped to 46%. By 2022, with 47% of residents renting, the average rent had surged to $1,761, indicating a significant increase in rental costs despite a relatively stable renter population.

Looking at the most recent data, 2023 saw average home prices in Westside Hillside reach $627,986, with federal interest rates at 5.02%. In 2024, average home prices have further increased to $668,703, while interest rates have risen slightly to 5.33%. These figures indicate a continuing trend of rising home values, despite higher interest rates which typically slow housing market growth.

Applying predictive models to forecast 5-year trends, we can expect average home prices in Westside Hillside to continue their upward trajectory, potentially reaching around $800,000 by 2029. Average rent prices are likely to follow suit, possibly exceeding $2,200 per month in the same timeframe. These projections assume a relatively stable economic environment and continued demand for housing in the area.

In summary, Westside Hillside has demonstrated resilience in its housing market, with homeownership rates rebounding despite rising home prices. The interplay between interest rates, home prices, and rental costs has created a dynamic market environment. The neighborhood's ability to maintain a balance between owners and renters, even as prices increase, suggests a strong local economy and continued desirability of the area for both homeowners and renters.