Conversely, the percentage of renters in Wisdom decreased from 33% in 2013 to 24% in 2022. Despite this decline, average rent prices showed a steady increase. In 2013, the average rent was $425, which rose to $814 by 2022, marking a 91.5% increase. This trend suggests that while fewer residents are renting, those who do are facing higher rental costs. The population fluctuations, ranging from 202 to 263 residents between 2013 and 2022, may have influenced the rental market dynamics, potentially contributing to the rising rent prices despite the decreasing renter population.

In 2023 and 2024, Wisdom continued to see changes in its housing market. The average home price in 2023 was $334,524, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $355,120. Interestingly, these changes occurred as federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the community.

Looking ahead, predictive models suggest that average home prices in Wisdom may continue to rise over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections are based on the historical trends observed in the community and assume relatively stable economic conditions.

In summary, Wisdom has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in both home values and rental prices. The interplay between federal interest rates, local population changes, and housing market dynamics has shaped these trends. As the community moves forward, it appears poised for continued growth in property values and rental costs, potentially reinforcing the trend towards increased homeownership.