Loading Content...
Armington: Rising Home Values and Ownership Rates Amid Market Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Armington, located in Illinois, has experienced significant changes in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Armington has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate stood at 70%, and by 2022, it had risen to an impressive 90%. This substantial increase of 20 percentage points indicates a strong shift towards homeownership in the community. Concurrently, the average home prices have also seen an upward trend. In 2014, the average home price was $91,783, and by 2022, it had risen to $122,642, representing a 33.6% increase over eight years.
The relationship between federal interest rates and homeownership rates in Armington aligns with well-established trends. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.68%, the homeownership rate in the village increased. This correlation supports the notion that lower interest rates generally encourage homeownership by making financing more affordable.
Conversely, the percentage of renters in Armington has decreased over time, from 30% in 2013 to 10% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $822, and it increased to $1,089 by 2022, representing a 32.5% increase. This rise in rent prices, despite a decreasing renter population, could be attributed to various factors such as improved housing quality or increased demand for the limited rental properties available.
In 2023 and 2024, the average home prices in Armington continued to rise, reaching $123,543 in 2023 and $128,094 in 2024. This represents a 4.5% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the village.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Armington: Average home prices are likely to continue their upward trajectory, potentially reaching around $145,000 to $150,000 by 2029. Average rent prices may also continue to increase, albeit at a slower rate, possibly reaching $1,200 to $1,300 per month by 2029.
In summary, Armington has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has seen a shift towards homeownership, with a corresponding decrease in the renter population. Despite this, average rent prices have continued to rise. The recent increases in federal interest rates may influence future housing market dynamics in the village, potentially affecting both homeownership rates and property values.
