Renter percentages have shown an inverse relationship to homeownership rates, naturally increasing as owner-occupancy declined. The renter population grew from 10% in 2019 to 22% by 2022. Interestingly, average rent prices have not consistently followed this trend. Rent prices fluctuated significantly, peaking at $1,090 in 2013, dropping to a low of $347 in 2018, and then rebounding to $1,037 by 2022. This volatility in rent prices, particularly the sharp decline in 2018-2019, may reflect changes in the local rental market or data collection methods rather than broader economic trends.

Looking at the most recent data, average home prices in zip code 47849 continued to rise, reaching $159,038 in 2023 and $161,869 in 2024. This represents a 3.5% increase from 2022 to 2023 and a further 1.8% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Concurrently, federal interest rates have increased significantly, standing at 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 47849 will continue to rise, albeit at a more moderate pace. Projections suggest prices could reach approximately $175,000 to $180,000 by 2029. Rent prices are expected to stabilize and potentially increase slightly, potentially reaching an average of $1,100 to $1,200 per month by 2029, assuming no major economic disruptions.

In summary, zip code 47849 has experienced a notable increase in average home prices over the past decade, with a recent acceleration in growth. Simultaneously, there has been a gradual shift towards more renter-occupied housing, particularly in the last few years. The interplay between federal interest rates, local economic conditions, and housing affordability will likely continue to shape the market dynamics in this area, potentially influencing both homeownership rates and housing prices in the coming years.