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Average Home Values and Ownership in Zip Code 61330: La Moille's Rural Housing Trends
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
La Moille, located in zip code 61330 in Illinois, presents a case study of homeownership and housing market trends. This rural community has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic changes and local demographic shifts.
The ownership percentage in La Moille has shown an upward trend from 2013 to 2022. In 2013, the homeownership rate was 75%, which increased to 82% by 2022. This rise in homeownership coincided with an increase in average home prices. In 2017, the average home price was $89,798, which climbed to $127,912 by 2022, representing a 42.4% increase over five years.
The relationship between federal interest rates and homeownership rates in La Moille follows the expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates generally increased. The peak homeownership rate of 84% was observed in 2018 and 2021 when interest rates were 1.83% and 0.08%, respectively. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in La Moille have inversely mirrored the homeownership trends, decreasing from 25% in 2013 to 18% in 2022. Average rent prices have shown some volatility. They peaked at $820 in 2017 before declining to $679 in 2020 and 2021, then rising again to $798 in 2022. This fluctuation in rent prices may be influenced by the decreasing population, which dropped from 1,442 in 2010 to 1,224 in 2022, potentially affecting rental demand.
Looking at the most recent data, the average home price in La Moille reached $138,394 in 2023 and further increased to $148,833 in 2024. This represents a jump of 16.4% from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates of previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in La Moille will continue to rise, potentially reaching around $175,000 by 2029. This projection is based on the consistent upward trend observed since 2017. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $850 per month by 2029, assuming the population stabilizes and demand for rentals remains steady.
In summary, La Moille has experienced an increase in homeownership rates alongside rising home prices over the past decade. The inverse relationship between homeownership and renter percentages is clear, with renter proportions declining as more residents become homeowners. The recent sharp rise in interest rates may impact future homeownership trends, potentially slowing the rate of increase. However, the continued appreciation of home values suggests ongoing demand for housing in this rural Illinois community.
