Renter percentages in Cornelius have fluctuated slightly over the years, decreasing from 33% in 2013 to 30% in 2022. Despite this minor decrease in the proportion of renters, average rent prices have shown a steady upward trend. The average rent price rose from $1,286 in 2013 to $1,421 in 2022, an increase of approximately 10.5%. This rise in rent prices, while significant, has been less dramatic than the increase in home prices over the same period. The growing population, which increased from 26,472 in 2013 to 32,081 in 2022, may have contributed to the upward pressure on both home prices and rents.

In 2023 and 2024, the housing market in Cornelius continued to evolve. The average home price reached $518,358 in 2023 and further increased to $535,667 in 2024, showing a continued upward trajectory. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.

Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in Cornelius could potentially reach around $600,000 by 2029. Similarly, average rent prices might increase to approximately $1,600 per month within the same timeframe.

In summary, Cornelius has experienced a notable increase in homeownership rates, accompanied by substantial growth in average home prices. The rental market has seen more moderate price increases, despite a slight decrease in the proportion of renters. The interaction between federal interest rates, population growth, and housing market dynamics has played a significant role in shaping these trends. As the area continues to develop, it will be crucial to monitor how these factors influence housing affordability and accessibility for both homeowners and renters in zip code 28031.