Renter percentages in zip code 37146 have shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. The renter population rose from 14% in 2013 to a peak of 20% in 2019 and 2020, before declining slightly to 16% in 2022. Average rent prices have fluctuated over this period, with notable increases and decreases. In 2013, the average rent was $1,179, which rose to a peak of $1,316 in 2016 before declining to $1,204 in 2022. These fluctuations in rent prices seem to be influenced by various factors, including the area's growing population, which increased from 5,694 in 2013 to 6,279 in 2022.

Looking at the most recent data, the average home price in zip code 37146 for 2023 was $397,647, showing a slight increase from 2022. In 2024, the average home price has further increased to $407,352. This continued upward trend in home prices is occurring despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and market dynamics.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 37146 will continue to rise, albeit potentially at a slower rate due to the current high interest rate environment. Average rent prices are also likely to increase moderately, driven by population growth and demand for housing in the area. However, if interest rates remain high, we might see a slight shift towards renting, potentially putting upward pressure on rent prices.

In summary, zip code 37146 has demonstrated a resilient housing market with increasing average home prices and a recent rebound in homeownership rates. The interplay between federal interest rates, population growth, and housing demand has shaped these trends. Moving forward, the area is likely to continue seeing appreciation in both home values and rent prices, with the exact trajectory dependent on broader economic factors and local market conditions.