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Central Street, Evanston: Rising Home Values and Ownership Trends in a Resilient 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
The Central Street neighborhood in Evanston, Illinois, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership, home prices, and rental rates from 2013 to 2024, highlighting the neighborhood's resilience and attractiveness to residents.
Homeownership in Central Street has shown a positive trend, increasing from 73% in 2013 to 75% in 2022. This rise coincided with a substantial increase in average home prices, which grew from $372,184 in 2010 to $474,859 in 2022, representing a 27.6% increase. The simultaneous growth in ownership rates and home prices suggests that the neighborhood has maintained its appeal to potential homebuyers despite rising costs.
The trends in homeownership rates appear to have been influenced by federal interest rates. During the period of extremely low interest rates from 2013 to 2016, ranging from 0.09% to 0.4%, homeownership steadily increased from 73% to 75%. This aligns with the general principle that lower interest rates make mortgages more affordable, potentially encouraging home purchases.
In contrast to the rising homeownership rates, the percentage of renters in Central Street decreased from 27% in 2013 to 25% in 2022. Despite this decline, average rent prices have shown a consistent upward trend, rising from $1,406 in 2013 to $1,582 in 2022, an increase of 12.5%. This trend suggests a tightening rental market, possibly driven by the neighborhood's desirability and the overall population growth from 17,863 in 2013 to 18,594 in 2022.
The housing market in Central Street continued to evolve in 2023 and 2024. Average home prices reached $478,005 in 2023 and further increased to $480,098 in 2024, demonstrating steady appreciation despite higher interest rates of 5.02% in 2023 and 5.33% in 2024. This resilience in home values indicates a strong underlying demand for housing in the neighborhood.
Predictive models forecast a continuation of these trends over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $525,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $1,800 per month within the same timeframe. These predictions are based on historical trends and assume relatively stable economic conditions.
In conclusion, Central Street has demonstrated a robust housing market characterized by increasing homeownership rates and rising property values. The neighborhood has shown resilience in the face of changing economic conditions, maintaining its appeal to both homeowners and renters. The projected continued growth in both home prices and rents suggests that Central Street will likely remain a desirable and potentially competitive housing market in the coming years.
