Renter percentages in Millwood have remained low, fluctuating between 6% and 11% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $1,750, which decreased to $1,176 in 2016 before rising again to $1,286 in 2022. This fluctuation in rent prices doesn't appear to have significantly impacted the low percentage of renters in the area, suggesting that other factors, such as the community's character or the availability of rental properties, may play a more significant role in maintaining the high homeownership rate.

In 2023, the average home price in Millwood reached $780,238, continuing the upward trend seen in previous years. This increase occurred despite a sharp rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further escalated to $835,367, with interest rates climbing to 5.33%. This ongoing appreciation in home values, even in the face of higher interest rates, indicates strong demand and resilience in the local real estate market.

Looking ahead, predictive models suggest that average home prices in Millwood will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the overall appreciation of the local real estate market. However, the consistently high homeownership rate may limit significant increases in rental demand and prices.

In summary, Millwood's zip code 10546 demonstrates a strong preference for homeownership, with property values showing substantial appreciation over time. The area has maintained high ownership rates despite fluctuations in average rent prices and recent increases in interest rates. This suggests a deeply rooted culture of homeownership and a resilient local real estate market that has weathered various economic conditions while continuing to attract residents who prefer to own rather than rent their homes.