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Baileyville: Rising Home Values and High Ownership Rates in a Small Illinois Community
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
Baileyville, Illinois is a small community located in Ogle County. This village has experienced fluctuations in its population and housing market over the past decade, with a notable trend towards increased homeownership in recent years. The homeownership rate in Baileyville has shown a strong upward trend, particularly from 2019 to 2022. In 2019, 87% of residents were homeowners, which increased to 96% by 2022. This significant rise in homeownership coincided with changes in average home prices. The average home price in 2021 was $175,351, rising to $196,331 in 2022, representing a substantial 12% increase in just one year.
The relationship between federal interest rates and homeownership rates in Baileyville appears to follow the general trend observed nationwide. As interest rates remained low from 2020 to 2021 (0.38% and 0.08% respectively), homeownership in the village increased from 91% to 95%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The percentage of renters in Baileyville has correspondingly decreased as homeownership increased. In 2019, 13% of residents were renters, which dropped to just 4% by 2022. Despite this decrease in the renter population, average rent prices showed an upward trend. The average rent increased from $841 in 2019 to $824 in 2022. While this represents a slight decrease, it's important to note that the overall trend from 2016 to 2022 showed an increase in average rent prices.
In 2023 and 2024, average home prices in Baileyville experienced some fluctuation. The average home price in 2023 was $192,557, showing a slight decrease from 2022. However, in 2024, the average home price increased to $194,158. It's worth noting that federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on recent trends, we can forecast that average home prices in Baileyville may continue to rise moderately over the next five years, potentially reaching around $210,000 by 2029. Average rent prices, while they've shown some volatility, may stabilize and potentially increase to around $850-$875 per month in the same timeframe.
In summary, Baileyville has seen a strong trend towards homeownership, with 96% of residents owning their homes by 2022. This increase in homeownership has coincided with rising average home prices and fluctuating but generally increasing average rent prices. The community has demonstrated resilience in its housing market, with continued growth in property values despite rising interest rates in recent years.
