Renter percentages in Millington have fluctuated over the years but generally decreased from 19% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $897 in 2013 to $1,015 in 2022, a 13.2% rise over nine years. This increase in rent prices, despite a smaller renter population, could be attributed to various factors such as improved housing quality or limited rental inventory in the area.

In 2023 and 2024, the average home prices in Millington continued to rise, reaching $246,444 in 2023 and $252,559 in 2024. This represents a 5.6% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.

Looking ahead, based on the historical data and current trends, it's projected that average home prices in Millington will continue to rise over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe. However, the rate of increase may slow down due to the current higher interest rate environment.

In summary, Millington (zip code 60537) has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a corresponding decrease in the percentage of renters, although average rent prices have still trended upwards. The recent spike in interest rates, coupled with consistently rising home prices, may present new challenges for prospective homebuyers in the coming years, potentially affecting the long-term homeownership trends in this small Illinois community.