Loading Content...
Belmont Central: Rising Home Values and Ownership in a Culturally Rich Chicago Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Belmont Central, a neighborhood in Chicago, Illinois, has experienced significant changes in its housing market over the past decade. The area has seen a notable increase in homeownership rates and a substantial rise in average home prices, while rent prices have remained relatively stable. This analysis examines the trends in homeownership, home values, and rental market dynamics in Belmont Central from 2013 to 2024, with projections for future years. Homeownership rates in Belmont Central have shown a marked increase, rising from 56% in 2013 to 62% in 2022. This upward trend coincided with a significant appreciation in average home prices. The average home price more than doubled from $151,437 in 2013 to $309,022 in 2022, representing a 104% increase over nine years. Despite rising prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or increased neighborhood desirability. Federal interest rates have played a crucial role in shaping homeownership trends in Belmont Central. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% coincided with an increase in homeownership from 56% to 58%. As interest rates rose more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership continued to climb, peaking at 65% in 2021 before slightly decreasing to 62% in 2022. This trend suggests that while low interest rates initially encouraged homeownership, other factors such as neighborhood development and changing demographics may have sustained the trend even as rates increased.
Renter percentages in Belmont Central have inversely mirrored the homeownership trend, decreasing from 44% in 2013 to 38% in 2022. Interestingly, average rent prices have remained relatively stable during this period. The average rent was $1,115 in both 2013 and 2022, with some fluctuations in between and a peak of $1,198 in 2021. This stability in rent prices, combined with decreasing renter percentages, may indicate a shift in housing preferences or improved economic conditions enabling more residents to transition from renting to owning. In 2023 and 2024, Belmont Central's housing market showed signs of stabilization. The average home price in 2023 was $308,758, a slight decrease from 2022. However, 2024 saw a rebound with average home prices reaching $318,754. This uptick occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting a resilient local housing market. Looking ahead, predictive models forecast a continued upward trend in average home prices for Belmont Central over the next five years. Based on historical data and current market conditions, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $370,000 by 2029. Average rent prices are expected to follow a more modest growth trajectory, with an estimated annual increase of 1-2%, potentially reaching approximately $1,250 by 2029. In summary, Belmont Central has demonstrated a robust housing market characterized by increasing homeownership rates and appreciating property values. The stability in rent prices amidst declining renter percentages suggests a shifting demographic landscape. As the neighborhood continues to evolve, it is likely to maintain its appeal to both homeowners and renters, with a trend towards increased homeownership expected to persist in the coming years.
