Loading Content...
Bloomingdale: Suburban Charm Drives Rising Home Values and Strong Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bloomingdale, located in Illinois, is a thriving suburban community with a rich history and a population of 27,083 as of 2022. This charming village has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Bloomingdale has shown a slight increase in recent years, rising from 73% in 2015 to 76% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2015, the average home price was $259,030, which steadily climbed to $351,480 by 2022, representing a substantial 35.7% increase over seven years. This positive correlation between homeownership rates and average home prices suggests a strong local housing market and growing confidence among residents in property investment.
Federal interest rates have played a crucial role in shaping homeownership trends in Bloomingdale. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 0.38%, which likely contributed to the sustained high levels of homeownership. As interest rates remained low, potential homebuyers found mortgages more affordable, encouraging property purchases. The slight dip in homeownership from 74% in 2014 to 73% in 2015 may be attributed to the small increase in interest rates from 0.09% to 0.13% during that time.
Renter percentages in Bloomingdale have fluctuated slightly over the years, with a peak of 28% in 2016 and a low of 24% in 2022. Average rent prices have shown a general upward trend, increasing from $1,279 in 2015 to $1,411 in 2022, a 10.3% rise. Interestingly, there was a notable jump in average rent from $1,321 in 2017 to $1,458 in 2018, coinciding with a decrease in the renter percentage from 27% to 25%. This suggests that while fewer residents were renting, those who did were paying higher prices, possibly due to increased demand for higher-quality rental properties.
In 2023 and 2024, Bloomingdale has seen continued growth in average home prices. The average home price in 2023 reached $369,738, a 5.2% increase from 2022. In 2024, this figure further rose to $393,815, representing a 6.5% year-over-year increase. These significant price increases occur against a backdrop of rising interest rates, with the federal interest rate reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests strong demand and a robust local housing market.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $450,000 by 2029. Rent prices are also projected to increase, albeit at a more moderate pace, potentially reaching an average of $1,600 per month by 2029. These predictions are based on historical trends and assume relatively stable economic conditions.
In summary, Bloomingdale has demonstrated a resilient housing market characterized by increasing homeownership rates and rising property values. The relationship between federal interest rates and homeownership has been evident, with low rates generally supporting high levels of ownership. Despite recent increases in interest rates, the housing market remains strong, with continued price appreciation expected in the coming years. The rental market, while smaller, has also shown steady growth in prices, reflecting the overall desirability of the area.
