Renter percentages in Little Orleans have fluctuated inversely to homeownership rates, as expected. The renter-occupied percentage decreased from 22% in 2014 to 14% in 2017, then rose again to 22% in 2019 before settling at 20% in 2022. Average rent prices have shown significant volatility over the years. In 2013, the average rent was $848, which increased dramatically to $1,302 in 2018. However, it then dropped sharply to $654 in 2019 and $648 in 2020, before rising again to $843 in 2021 and dropping to $649 in 2022. These fluctuations in rent prices don't seem to correlate strongly with the changes in renter percentages, suggesting that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining renter occupancy rates.

Looking at the most recent data, the average home price in Little Orleans increased from $210,937 in 2022 to $218,577 in 2023, and further to $218,673 in 2024. This represents a 3.7% increase from 2022 to 2024. During the same period, federal interest rates rose significantly, from 1.68% in 2022 to 5.02% in 2023, and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area have continued to rise, albeit at a slower pace between 2023 and 2024.

Applying predictive models to forecast 5-year trends, we can expect average home prices in Little Orleans to continue rising, but at a more moderate pace given the current high interest rate environment. If interest rates remain elevated, this could potentially slow down the growth in home prices or even lead to a slight correction. For rent prices, given their historical volatility in this area, it's challenging to predict a clear trend. However, if the population continues to fluctuate as it has in recent years, we might see continued variability in average rent prices.

In summary, Little Orleans has experienced an overall increase in homeownership rates over the past decade, despite fluctuations in home prices and significant changes in average rent prices. The relationship between interest rates and homeownership rates generally follows expected trends, with lower rates correlating with higher ownership rates. The recent rise in home prices despite higher interest rates suggests a strong local housing market, but future trends will likely depend on broader economic factors and local demographic changes.