Renter percentages in Franklin Park have remained relatively constant, ranging between 19% and 21% from 2013 to 2022. Average rent prices have shown an overall upward trend, increasing from $1,238 in 2013 to $1,326 in 2022, a 7.1% increase. This rise in rent prices, while significant, has been less dramatic than the increase in home prices over the same period. The stability in renter percentages, despite rising rent prices, may be attributed to the growing population and the consistent demand for rental properties in the area.

In 2023 and 2024, the housing market in Franklin Park continued its upward trajectory. The average home price reached $475,770 in 2023 and further increased to $492,345 in 2024, representing a 6.4% growth over these two years. This occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet home prices continued to appreciate, suggesting strong demand in the area.

Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $550,000 by 2029. Rent prices are also likely to increase, albeit at a slower pace, potentially reaching an average of $1,500 per month in the same timeframe.

In summary, Franklin Park (15143) has demonstrated a robust and growing housing market characterized by high homeownership rates, steadily increasing home values, and gradually rising rent prices. The area's ability to maintain high homeownership rates and property values, even in the face of rising interest rates, suggests a strong and resilient local real estate market. These trends indicate that Franklin Park remains an attractive location for both homeowners and investors, with potential for continued growth in the coming years.