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Carol Stream: Rising Home Values and Stable Ownership in a Suburban Illinois Village
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
Carol Stream, located in Illinois, is a vibrant suburban community known for its diverse population and robust housing market. Over the past decade, the city has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Carol Stream has shown a slight upward trend in recent years. In 2013, 68% of residents owned their homes, and this figure remained relatively stable until 2020 when it increased to 69%. By 2022, the homeownership rate reached 69%, indicating a gradual but steady rise in property ownership. Concurrently, average home prices in Carol Stream have experienced significant growth. In 2013, the average home price was $188,722, which steadily increased to $314,057 by 2022, representing a substantial 66.4% increase over this period.
The relationship between federal interest rates and homeownership rates in Carol Stream aligns with well-established trends. During periods of lower interest rates, such as from 2013 to 2016 when rates remained below 0.5%, the homeownership rate in Carol Stream remained stable at around 67-68%. As interest rates began to rise in 2017 and 2018, reaching 1.83% in 2018, the homeownership rate in Carol Stream held steady at 67%, suggesting a resilient local housing market despite increasing borrowing costs.
Renter percentages in Carol Stream have shown a slight downward trend, complementing the rise in homeownership. In 2013, 32% of residents were renters, and this figure decreased to 31% by 2022. Average rent prices, however, have experienced an overall upward trend. In 2013, the median rent was $1,416, which increased to $1,584 by 2022, representing a 11.9% rise over this period. This trend suggests that while the proportion of renters has slightly decreased, those who continue to rent are facing higher costs.
In 2023 and 2024, Carol Stream's housing market continued to show strength. The average home price in 2023 reached $326,781, a 4.1% increase from 2022. In 2024, the average home price further rose to $345,773, marking a 5.8% increase from the previous year. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity.
Looking ahead, predictive models suggest that average home prices in Carol Stream are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and rising property values. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, Carol Stream has demonstrated a resilient and growing housing market characterized by increasing homeownership rates and rising property values. The slight decrease in renter percentages, coupled with rising rent prices, reflects a competitive rental market. As the city moves forward, balancing affordable housing options with the demands of a growing population will be crucial for maintaining its attractive residential profile.
