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Big Rock: Home Values Soar as Ownership Reaches 91% in Rural Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Big Rock, located in Illinois, is a small community with a rich history and a dynamic real estate market. Over the past decade, the village has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
Homeownership in Big Rock has remained consistently high, with a notable increase in recent years. In 2013, the homeownership rate stood at 84%, and by 2022, it had risen to an impressive 91%. This upward trend in homeownership coincides with significant growth in average home prices. In 2013, the average home price was $206,100, and by 2022, it had surged to $341,556, representing a substantial 65.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Big Rock shows an interesting pattern. Despite fluctuations in interest rates, homeownership has generally remained strong. For instance, when interest rates were at a low of 0.08% in 2021, homeownership was at 86%. Interestingly, as interest rates rose to 1.68% in 2022, homeownership actually increased to 91%, suggesting that local factors may have a more significant influence on homeownership than national interest rates in this community.
Rental trends in Big Rock have shown an inverse relationship to homeownership rates. As homeownership increased, the percentage of renters decreased from 16% in 2013 to 9% in 2022. Despite this decrease in the renter population, average rent prices have fluctuated. In 2013, the average rent was $1,315, peaking at $1,475 in 2016, before decreasing to $1,202 in 2022. This decline in rent prices, coupled with a decrease in the renter population, suggests a potential oversupply of rental properties or a shift in local housing preferences towards homeownership.
Looking at the most recent data, the average home price in Big Rock continued to rise, reaching $353,313 in 2023 and further increasing to $368,965 in 2024. This upward trend persists despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing that outweighs the potential deterrent of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Big Rock will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $425,000 by 2029. Rent prices are expected to stabilize and potentially increase moderately, possibly reaching around $1,350 per month by 2029, as the rental market adjusts to the strong homeownership trend.
In summary, Big Rock has demonstrated a robust housing market characterized by increasing homeownership rates and rising home values. The community has shown resilience to national economic factors, with local demand driving housing trends. The significant growth in home prices, coupled with high homeownership rates, suggests a strong preference for property ownership in this Illinois village, potentially driven by its small-town appeal and community characteristics.
