Renter percentages in Ingold have inversely mirrored homeownership rates, decreasing from 39% in 2016 to 32% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2016, the average rent was $541, which increased to $692 in 2021, representing a 27.9% rise. However, in 2022, average rent prices decreased to $622, a 10.1% drop from the previous year. This fluctuation in rent prices, coupled with the declining renter percentage, suggests a complex rental market influenced by factors beyond simple supply and demand.

Looking at the most recent data, average home prices in Ingold reached $90,838 in 2023 and further increased to $92,225 in 2024. This represents a modest 1.5% growth from 2023 to 2024, indicating a stabilization in the housing market. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.

Applying predictive models to forecast 5-year trends, we anticipate average home prices in Ingold to continue their upward trajectory, potentially reaching around $105,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $750 by 2029, considering the historical volatility and recent trends in the rental market.

In summary, Ingold has experienced a notable increase in homeownership rates and average home prices over the past decade, despite rising interest rates in recent years. The rental market has shown more variability, with fluctuating average rent prices and a declining percentage of renters. As the community moves forward, it will be important to monitor how these trends evolve, particularly in light of the recent stabilization in home price growth and the impact of higher interest rates on the housing market.