Renter percentages in Laurel Mountain have generally decreased from 2013 to 2022, aligning with the increase in homeownership. In 2013, the renter percentage was 21%, which decreased to 18% by 2022. The lowest renter percentage was observed in 2021 at 11%. Average rent prices have fluctuated over the years, with the highest recorded average rent of $848 in 2016 and the lowest of $721 in 2019. By 2022, the average rent was $734. These fluctuations in rent prices don't show a clear correlation with the decreasing renter percentages, suggesting other factors may be influencing rental trends.

In 2023, the average home price in Laurel Mountain was $190,416, with federal interest rates at 5.02%. Moving into 2024, the average home price has slightly increased to $192,321, while interest rates have also risen to 5.33%. This increase in both home prices and interest rates may impact affordability and future homeownership trends in the area.

Looking ahead, based on the limited data available, we can project potential trends for the next five years. If the current pattern continues, we might expect a slight increase in average home prices, potentially reaching around $200,000 by 2029. Rent prices may continue to fluctuate but could potentially stabilize around $750-$800 per month. However, these projections are subject to various economic factors and local market conditions.

In summary, Laurel Mountain has shown a strong trend towards homeownership over the past decade, with ownership rates generally increasing and renter percentages decreasing. The relationship between federal interest rates and homeownership rates is evident, with lower rates corresponding to higher ownership. While average home prices have shown a slight increase in recent years, rent prices have fluctuated without a clear long-term trend. The community's small size and changing population dynamics will likely continue to influence these housing market trends in the coming years.