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Bonfield, Illinois: High Homeownership Rates and Rising Home Values
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
Bonfield, Illinois, is a small community with a population that has fluctuated over the years, reaching 1,149 residents in 2022. This charming village has maintained a consistently high rate of homeownership, with a strong preference for owner-occupied housing. The trends in average home prices and average rent have shown overall growth, reflecting the dynamics of the local real estate market.
The homeownership rate in Bonfield has remained remarkably high, ranging from 84% to 95% between 2013 and 2022. This trend aligns with the steady increase in average home prices during the same period. In 2013, the average home price was $174,596, and it rose consistently, reaching $253,086 by 2022. This represents a substantial 45% increase over a decade. The peak homeownership rate of 95% was observed in 2019, coinciding with an average home price of $195,935.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Bonfield were consistently high, ranging from 84% to 92%. As interest rates began to rise more noticeably from 2017 onwards, reaching 2.16% in 2019, the village actually saw its highest homeownership rate of 95%. This suggests that local factors may have a stronger influence on homeownership in Bonfield than national interest rate trends.
The rental market in Bonfield has been relatively small, with renter-occupied housing ranging from 5% to 15% between 2013 and 2022. Average rent prices have shown some fluctuation but generally increased over time. In 2013, the average rent was $717, which decreased to $626 in 2016 before rising again to $670 in 2022. The lowest percentage of renters (5%) was recorded in 2019, corresponding to an average rent of $685. Interestingly, the highest renter percentage (15%) occurred in 2014 and 2016, when average rents were lower at $632 and $626 respectively.
In 2023, the average home price in Bonfield reached $265,157, showing continued growth from previous years. This upward trend persisted into 2024, with the average home price rising to $273,779. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Bonfield has demonstrated resilience and continued appreciation.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Bonfield will likely continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may also see gradual increases, reflecting the overall housing market trends. However, the high rate of homeownership in the village could keep rental demand relatively stable.
In summary, Bonfield has maintained exceptionally high homeownership rates despite fluctuations in federal interest rates. The consistent rise in average home prices, even in the face of recent interest rate hikes, suggests a robust and desirable local housing market. While the rental market remains small, it has shown resilience with gradually increasing average rents. The village's strong preference for homeownership is likely to continue shaping its real estate landscape in the coming years.
