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Baldwin, Illinois: Rising Home Ownership Amid Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Baldwin, Illinois, is a small community that has experienced significant fluctuations in its population and housing market over the past decade. The city has seen a general trend towards increased homeownership, with average rent prices showing modest growth. This analysis will explore the intricate relationship between ownership rates, housing prices, and rental trends in Baldwin.
The homeownership rate in Baldwin has shown a notable increase from 2013 to 2022. In 2013, 86% of residents were homeowners, and by 2022, this figure had risen to 89%. This upward trend in homeownership coincided with changes in average rent prices. The median rent in 2013 was $765, which increased to $860 by 2022, representing a 12.4% increase over this period.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.40%. During this period, Baldwin saw a temporary decrease in homeownership, dropping to 69% in 2016. However, as interest rates began to rise gradually from 2017 onwards, homeownership rates in the city rebounded and continued to climb. This suggests that other local factors may have had a more significant influence on homeownership than national interest rates in this particular community.
The rental market in Baldwin has experienced corresponding changes. As homeownership increased, the percentage of renters decreased from 14% in 2013 to 11% in 2022. Despite this decrease in the renter population, average rent prices showed an overall upward trend, with some fluctuations. For instance, there was a dip in median rent to $729 in 2018 before it rose again to $860 in 2022. These changes occurred alongside population variations, with the city's population decreasing from 641 in 2013 to 673 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, Baldwin saw significant developments in its housing market. The average home price in 2024 is reported at $113,165, indicating a substantial presence in the local real estate market. This figure comes at a time when federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activities in the area.
Looking ahead, predictive models suggest that Baldwin may continue to see modest growth in both average home prices and rent prices over the next five years. If current trends persist, average home prices could potentially reach around $120,000 by 2029, while average rent prices might approach $900 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Baldwin has demonstrated a strong trend towards homeownership, with 89% of residents owning their homes by 2022. This shift has occurred alongside moderate increases in rent prices and despite fluctuations in population. The recent sharp rise in interest rates and the reported average home price of $113,165 in 2024 mark significant points in the city's housing market evolution. As Baldwin moves forward, it will be important to monitor how these trends develop and impact the local community.
