Renter percentages and average rent prices in zip code 46106 have shown some correlation. In 2013, the renter-occupied percentage was 18%, with an average rent of $1,085. By 2022, the renter percentage increased to 24%, while the average rent rose to $1,283, indicating a 18% increase in average rent over this period. This trend suggests that as the renter population grew, there was increased demand for rental properties, potentially driving up average rent prices.

Looking at the most recent data, the average home price in zip code 46106 continued to rise in 2023, reaching $413,885, and further increased to $419,920 in 2024. This represents a steady upward trend in property values. Simultaneously, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 46106 will continue to increase, albeit at a potentially slower rate due to higher interest rates. Based on the historical data and current economic conditions, average home prices could reach approximately $480,000 by 2029. Average rent prices are also expected to rise, potentially reaching around $1,500 per month in the same timeframe, driven by population growth and increased housing demand in the area.

In summary, zip code 46106 has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates have slightly decreased, they remain relatively high. The area has shown resilience in its housing market, with property values continuing to appreciate despite fluctuations in interest rates. As the population continues to grow and housing demand remains strong, both homeowners and renters in this zip code are likely to see continued increases in housing costs in the coming years.