The renter population in zip code 18930 has experienced a corresponding increase as homeownership rates declined. In 2013, 17% of residents were renters, and by 2022, this percentage had grown to 22%. Average rent prices, however, have not shown a consistent upward trend. In 2013, the average rent was $1,472, peaking at $1,594 in 2021, before slightly decreasing to $1,387 in 2022. This fluctuation in rent prices, despite the increasing renter population, may be attributed to various factors such as local economic conditions and housing supply.

Looking at the most recent data, average home prices in zip code 18930 continued to rise in 2023 and 2024, reaching $522,328 and $531,620 respectively. This upward trend persisted despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust local housing market that has maintained growth even in the face of higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 18930 will continue to appreciate, albeit at a more moderate pace. Given the historical growth rate and current market conditions, we project average home prices could reach approximately $600,000 by 2029. For rent prices, considering the recent fluctuations and the increasing renter population, we expect a gradual upward trend, potentially reaching an average of around $1,700 per month by 2029.

In summary, zip code 18930 has demonstrated a shifting balance between homeownership and renting over the past decade. The area has seen substantial appreciation in home values, even as homeownership rates have slightly declined. The resilience of the housing market in the face of rising interest rates suggests a strong local economy and continued demand for housing in this area. As the community evolves, it will be interesting to observe how these trends in homeownership, home prices, and rent continue to shape the local real estate landscape.