Median rent has risen 8.6% annually since 1980. 2015-2020 the percentage has been between 3 and 5.5%. Are we about to see major increases in the next 5 years?

My wife and I just bought a house in the last year and find ourselves to be very fortunate. It’s a five bedroom two bathroom 2,100 ft² home in Minnesota. Mortgage, taxes, and insurance is $1,600 a month with a 2.7% rate. When I look at average cost for rent, 20 years from now I just feel that our mortgage is going to be dirt cheap in 2042.

Has anyone have insanely low mortgage payments for houses that they purchased 20 years ago? What do those payments look like, compared to how much you’re charging people in your area for rent? I look at our mortgage and consider everything in the world going on right now, and there’s no way that I would ever sell. Of course unless there was some emergency or situation where I’d have to, but unless some dire circumstances happen, I am never selling.

Here’s my source for the numbers in my title https://ipropertymanagement.com/research/average-rent-by-year