The renter percentage in zip code 47720 has shown minor fluctuations over the years, ranging from 13% in 2013 to 14% in 2022. Average rent prices have generally increased during this period, albeit with some variations. In 2013, the average rent was $883, and it rose to $989 by 2021, representing a 12% increase. However, there was a slight decrease to $875 in 2022. These trends suggest that while the rental market has experienced some growth, it has remained relatively stable compared to the more dramatic increases in home prices.

In 2023 and 2024, the housing market in zip code 47720 continued to show strength. The average home price reached $244,253 in 2023 and further increased to $251,616 in 2024, representing a 3% year-over-year growth. This growth occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating resilience in the local housing market.

Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 47720 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect to see average home prices reach around $275,000 to $300,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,100 to $1,200 per month in the same timeframe, assuming continued economic stability and population growth in the area.

In summary, zip code 47720 has demonstrated a strong and stable housing market characterized by high homeownership rates and steadily increasing home values. Despite fluctuations in interest rates and modest increases in rent prices, the area has maintained its appeal to homeowners. The continued rise in home prices, even in the face of higher interest rates, suggests ongoing demand and confidence in the local real estate market.