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Auburn, Illinois: Rising Home Values and Ownership Rates in a Small Sangamon County City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Auburn, Illinois, a small city with a rich history located in Sangamon County, has experienced notable changes in its housing market over the past decade. The city has shown a general trend towards increased homeownership and fluctuating average home prices, while average rent prices have remained relatively stable.
The homeownership rate in Auburn has seen a significant increase from 2013 to 2022. In 2013, 78% of housing units were owner-occupied. This percentage rose steadily, reaching 88% by 2022, indicating a strong preference for homeownership in the community. Concurrently, average home prices have shown an upward trend. In 2013, the average home price was $113,275, which increased to $142,015 by 2022, representing a 25.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Auburn is noteworthy. From 2013 to 2020, interest rates remained relatively low, hovering between 0.09% and 2.16%. During this period, homeownership rates increased from 78% to 82%. The low interest rates likely contributed to making home purchases more affordable for residents. Interestingly, even as interest rates began to rise more sharply in 2022 to 1.68%, Auburn's homeownership rate continued to climb, reaching 88% that year.
The renter percentage in Auburn has decreased correspondingly with the rise in homeownership. In 2013, 22% of housing units were renter-occupied, which declined to 12% by 2022. Despite this decrease, average rent prices have remained relatively stable with some fluctuations. In 2013, the average rent was $830, which peaked at $870 in 2016, before settling at $799 in 2022. This stability in rent prices, despite the decreasing renter population, suggests a balanced rental market in Auburn.
Looking at the most recent data, the average home price in Auburn continued its upward trajectory, reaching $150,720 in 2023 and further increasing to $154,521 in 2024. This represents a 6.1% increase from 2022 to 2023 and a 2.5% increase from 2023 to 2024. Notably, federal interest rates also saw significant increases, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Auburn will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $175,000 to $180,000, assuming current economic conditions persist. For rent prices, the forecast suggests a slight increase, potentially reaching around $850 to $875 by 2029, reflecting the city's stable rental market.
In summary, Auburn, Illinois has demonstrated a strong trend towards homeownership, with the rate increasing from 78% to 88% between 2013 and 2022. This shift has occurred alongside a steady increase in average home prices and relatively stable rent prices. The city's housing market has shown resilience, with continued growth in home values even in the face of rising interest rates. These trends suggest a robust and desirable housing market in Auburn, with a clear preference for homeownership among its residents.
