Renter percentages in zip code 46619 have shown an inverse relationship to homeownership rates, as expected. The percentage of renters increased from 22% in 2013 to a peak of 28% in 2019, before declining to 24% in 2022. Average rent prices have generally increased over this period, rising from $706 in 2013 to $770 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $826. It's worth noting that the population in this zip code has remained relatively stable, fluctuating between 21,786 and 23,368 residents during this period, which may have contributed to the overall stability in the rental market.

In 2023 and 2024, the average home prices in zip code 46619 continued their upward trajectory, reaching $114,596 in 2023 and $122,345 in 2024. This represents a further 15.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these higher interest rates, the continued rise in home prices suggests strong demand in this local market.

Looking ahead, predictive models suggest that average home prices in zip code 46619 may continue to rise over the next five years, potentially reaching around $150,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.

In summary, zip code 46619 has demonstrated resilience in its housing market, with rising average home prices and a recent uptick in homeownership rates despite increasing interest rates. The rental market has remained relatively stable, with moderate increases in average rent prices. The area's ability to maintain population levels and see continued growth in home values suggests a potentially attractive market for both homeowners and investors in the coming years.