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Average Home Values and Ownership in Oakford: A Decade of Fluctuations
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
Oakford, located in Illinois, is a small community that has experienced notable fluctuations in population and housing trends over the past decade. The village has seen shifts in homeownership rates and rental prices, reflecting broader economic and demographic changes in the region. Homeownership in Oakford has shown a general decline from 2013 to 2022. In 2013, the homeownership rate stood at 83%, reaching a peak of 89% in 2018 before decreasing to 81% by 2022. This trend coincides with changes in average home prices, although limited data is available. The average home price in 2021 was $127,276, which decreased slightly to $124,159 in 2022, representing a 2.45% decline. The relationship between federal interest rates and homeownership rates in Oakford appears to follow expected patterns. As interest rates remained low from 2013 to 2020 (ranging from 0.08% to 0.40%), homeownership rates generally stayed above 82%. However, as interest rates began to rise in 2022 to 1.68%, the homeownership rate showed a slight decline to 81%.
Renter percentages in Oakford have inversely mirrored homeownership trends, increasing from 17% in 2013 to 19% in 2022. Average rent prices have fluctuated over this period, with the highest recorded average rent of $690 in 2017 and the lowest of $560 in 2021. By 2022, the average rent had increased to $631. These changes in rental trends may be influenced by the village's population fluctuations, which peaked at 1,011 residents in 2018 before decreasing to 618 in 2022.
In 2023, the average home price in Oakford was $123,874, showing a slight decrease from the previous year. This trend continued into 2024, with the average home price rising to $125,808. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the village.
Looking ahead, predictive models suggest that average home prices in Oakford may continue to experience moderate growth over the next five years, potentially reaching around $130,000 by 2029. Rent prices are also expected to show a gradual increase, possibly approaching $700 per month by the end of the five-year period.
In summary, Oakford has experienced a gradual shift towards renting in recent years, with homeownership rates declining slightly. Average home prices have shown resilience despite fluctuations, while rent prices have generally trended upward. The interplay between federal interest rates, population changes, and housing market dynamics continues to shape the village's residential landscape.
