The renter population in Marklesburg has decreased proportionally as homeownership increased. The percentage of renters dropped from 14% in 2015 to 10% in 2022. Interestingly, average rent prices have shown some volatility during this period. The average rent increased from $645 in 2015 to a peak of $736 in 2019, before decreasing to $693 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex interplay between housing supply, demand, and local economic factors.

Looking at the most recent data, the average home price in Marklesburg slightly decreased to $262,562 in 2023 but is projected to rise to $265,478 in 2024. This modest increase occurs despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to dampen home buying activity.

Applying predictive models to forecast 5-year trends, we anticipate a continued but moderate increase in average home prices in Marklesburg. Given the historical resilience of the local housing market to rising interest rates, home prices are projected to maintain a steady upward trajectory, potentially reaching around $275,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, aligning with the area's population growth and limited rental market. Rent prices could approach $750 per month by 2029, assuming continued economic stability and gradual population increase.

In summary, Marklesburg (zip code 16647) has demonstrated a strong trend towards homeownership, with rates reaching 90% in 2022. The area has maintained relatively affordable housing prices while experiencing population growth. The resilience of the local housing market to rising interest rates and the steady increase in homeownership suggest a stable and attractive real estate environment in this Pennsylvania borough.