Renter occupancy in zip code 62901 has shown a corresponding increase, rising from 68% in 2013 to 71% in 2022. This shift towards renting coincides with fluctuations in average rent prices. In 2013, the average rent was $716 per month, which increased to $770 by 2022, representing a 7.5% increase over this period. It's worth noting that the population in this zip code decreased from 26,059 in 2013 to 22,231 in 2022, a 14.7% decline. This population decrease, coupled with the increase in renter occupancy, suggests a changing demographic landscape, possibly influenced by factors such as student population shifts or economic conditions.

Looking at more recent data, the average home price in zip code 62901 continued to rise in 2023, reaching $109,863. However, in 2024, there was a slight decrease to $108,328. This recent trend occurs against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slowing of home price appreciation in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 62901 may continue to experience moderate growth, albeit at a slower pace than seen in recent years due to higher interest rates. Average rent prices are likely to continue their upward trajectory, driven by the increasing preference for renting in the area. However, these trends could be moderated by the ongoing population decline if it persists.

In summary, zip code 62901 has witnessed a shift towards renting, with a slight decrease in homeownership rates over the past decade. Average home prices have shown volatility but have generally trended upward since 2019, while rent prices have steadily increased. The interplay between federal interest rates, local population dynamics, and housing market conditions continues to shape the residential landscape of this Carbondale zip code.