Renter percentages in zip code 03853 have generally decreased over the observed period, from 16% in 2013 to 15% in 2022. Interestingly, average rent prices have shown some volatility. The average rent increased from $1,147 in 2013 to $1,434 in 2019, before dropping to $1,076 in 2022. This decrease in average rent occurred despite a population increase from 523 in 2019 to 740 in 2022, suggesting that other factors, such as an increase in available rental units or economic conditions, may have influenced rental prices.

Looking at the most recent data, the average home price in zip code 03853 continued to rise, reaching $752,237 in 2023 and $789,177 in 2024. This represents a 6.1% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and property values in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 03853 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $950,000 to $1,000,000, assuming a conservative annual growth rate of 4-5%. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching around $1,200 to $1,300 per month by 2029.

In summary, zip code 03853 has demonstrated a resilient housing market with increasing homeownership rates and substantially rising average home prices over the past decade. Despite recent increases in interest rates, the area has maintained a high proportion of owner-occupied properties. The coming years may see a moderation in price growth and potential shifts in the rental market as the area adapts to changing economic conditions and demographic trends.