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Chatsworth, Illinois: Rising Home Values and Ownership Rates in a Stable Small Town
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
Chatsworth, a small town in Illinois, has experienced notable shifts in its housing market over the past decade. This quaint Midwestern community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Chatsworth has shown a general upward trend, particularly in recent years. In 2013, the homeownership rate stood at 71%, and after some fluctuations, it reached 78% in 2022. This increase in homeownership coincides with changes in average home prices. The average home price in Chatsworth was $55,886 in 2010, decreased to $49,105 in 2018, and then rose significantly to $71,637 in 2022. This represents a 45.9% increase in average home prices from 2018 to 2022, despite earlier decreases.
The relationship between federal interest rates and homeownership rates in Chatsworth shows some correlation. As interest rates remained low between 2010 and 2021 (ranging from 0.08% to 0.4%), homeownership rates generally increased. The most significant jump in homeownership occurred between 2021 and 2022, rising from 74% to 78%, coinciding with interest rates rising from 0.08% to 1.68%. This suggests that local factors, such as housing affordability and economic conditions, may have played a more significant role in homeownership trends than interest rates alone.
Renter percentages in Chatsworth have inversely mirrored homeownership rates, decreasing from 29% in 2013 to 21% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $618, peaking at $654 in 2016, and then decreasing to $667 in 2022. The town's population has remained relatively stable, fluctuating between 1,605 and 2,050 residents from 2010 to 2022, which may have contributed to the relative stability in rental demand and prices.
In 2023, the average home price in Chatsworth slightly decreased to $70,567, while in 2024, it increased to $79,379. This represents a 12.5% increase from 2023 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and further to 5.33% in 2024, marking a significant increase from previous years.
Looking ahead, predictive models suggest that average home prices in Chatsworth may continue to rise over the next five years, potentially reaching around $90,000 by 2029. This projection is based on the recent upward trend and assumes continued economic stability. Average rent prices are also expected to increase modestly, potentially reaching $700-$750 per month by 2029, reflecting the overall housing market trends and inflation.
In summary, Chatsworth has experienced a significant increase in homeownership rates and average home prices, particularly in recent years. The rental market has shown more stability, with a slight decrease in the percentage of renters and moderate fluctuations in average rent prices. The town's housing market has demonstrated resilience and growth, with recent data indicating continued appreciation in home values despite rising interest rates.
