The percentage of renters in zip code 18951 has remained relatively low, fluctuating between 18% and 20% from 2013 to 2022. Average rent prices have shown some volatility but generally trended upward. In 2013, the average rent was $1,133, which increased to $1,157 by 2022, a modest 2.1% increase over nine years. However, it's worth noting that rent prices peaked at $1,338 in 2021 before decreasing in 2022, possibly due to increased housing supply or economic factors affecting the rental market.

Looking at the most recent data, the average home price in zip code 18951 continued its upward trajectory, reaching $376,688 in 2023 and further increasing to $392,259 in 2024. This represents a 9% increase from 2022 to 2024, despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. This suggests a robust 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 18951 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $450,000 to $470,000, assuming a moderate annual growth rate of 3-4%. For rent prices, we expect a more modest increase, potentially reaching an average of $1,300 to $1,400 per month by 2029, reflecting a 2-3% annual growth rate.

In summary, zip code 18951 demonstrates a strong preference for homeownership, with consistently high rates over the past decade. The area has experienced substantial growth in average home prices, outpacing the growth in rent prices. Despite recent increases in interest rates, the housing market has shown resilience, with continued price appreciation. The stability in homeownership rates coupled with rising home values suggests a desirable and potentially competitive real estate market in this zip code.