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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Clinton, Illinois, a city with a population of 8,725 as of 2022, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in Clinton from 2012 to 2024.
The homeownership rate in Clinton has fluctuated but remained relatively strong. In 2013, 69% of residents owned their homes, increasing to 76% by 2018, before returning to 69% in 2022. Concurrently, average home prices have shown a steady upward trajectory. In 2012, the average home price was $96,975, which dipped to $89,745 in 2015 before consistently climbing. By 2022, the average home price reached $114,534, representing a 27.6% increase over the 2015 low.
Federal interest rates have significantly influenced homeownership trends in Clinton. From 2012 to 2015, when interest rates were extremely low (0.09% to 0.14%), homeownership rates rose. As interest rates began to climb from 2016 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates, likely due to increased borrowing costs.
Renter percentages in Clinton have mirrored the inverse of homeownership trends. In 2013, 31% of residents were renters, decreasing to 24% by 2018 before rising back to 31% in 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $662, which decreased to a low of $528 in 2017 before rising again. By 2022, the average rent had reached $640, showing a modest increase over the decade despite some fluctuations.
As of 2023 and 2024, Clinton's housing market continues to evolve. The average home price in 2023 was $119,870, and in 2024 it reached $125,268, indicating a continued upward trend. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may impact future homeownership rates and housing affordability in Clinton.
Looking ahead, based on the observed trends, average home prices in Clinton will likely continue to rise over the next five years, potentially reaching around $140,000 by 2029. Average rent prices may also see a modest increase, possibly approaching $700 by 2029. However, these projections could be influenced by various factors, including economic conditions and local housing policies.
In summary, Clinton has experienced a dynamic housing market over the past decade. While homeownership rates have fluctuated, they have remained relatively strong. Average home prices have shown consistent growth, particularly in recent years. Rent prices, while more volatile, have also trended upward. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape Clinton's real estate landscape, presenting both opportunities and challenges for residents and potential homebuyers in this Illinois city.