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Crainville, Illinois: Rising Home Values and Fluctuating Ownership Rates in a Small 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
Crainville, a small village in Illinois, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. The community has seen a general increase in average home prices, while ownership percentages have shown some variability. Average rent prices have also seen significant changes, reflecting the dynamic nature of this small but evolving locality.
The relationship between homeownership rates and average home prices in Crainville presents an interesting pattern. In 2013, the homeownership rate stood at 63%, with average home prices at $113,108. As average home prices steadily increased, reaching $128,567 by 2017, the homeownership rate rose to 75%. This suggests that rising property values initially encouraged more residents to invest in homeownership. However, from 2017 to 2022, despite continued growth in average home prices to $169,153, the homeownership rate declined to 66%. This inverse relationship in later years might indicate that higher home prices began to price out some potential buyers.
Federal interest rates have played a role in shaping homeownership trends in Crainville. The period from 2013 to 2016 saw very low interest rates, ranging from 0.11% to 0.40%, coinciding with an increase in homeownership from 63% to 71%. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% by 2022, the homeownership rate showed some volatility but ultimately decreased to 66%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages and average rent prices in Crainville have shown notable changes. In 2013, 37% of residents were renters, with an average rent of $513. By 2019, the renter percentage had decreased to 28%, while average rent had increased significantly to $899. This suggests that rising rent prices may have motivated some renters to transition to homeownership. However, from 2020 to 2022, the renter percentage increased from 31% to 34%, despite average rent decreasing from $804 to $764. This recent trend might indicate a shift in housing preferences or economic factors influencing residents' housing choices.
In 2023 and 2024, Crainville's housing market continued to evolve. Average home prices rose to $175,397 in 2023 and further to $180,885 in 2024, representing a steady increase in property values. Concurrently, federal interest rates reached 5.02% in 2023 and 5.33% in 2024, marking a significant rise from previous years. These higher interest rates may impact future homeownership trends and affordability in the village.
Looking ahead, predictive models suggest that average home prices in Crainville are likely to continue their upward trajectory over the next five years, potentially reaching around $200,000 by 2029. Average rent prices, which have shown volatility in recent years, are projected to stabilize and potentially increase moderately, possibly reaching $850-$900 per month by 2029. These projections assume a continuation of current economic conditions and local market factors.
In summary, Crainville has experienced a complex interplay between homeownership rates, average home prices, and rent prices. The initial correlation between rising home values and increased homeownership has given way to a more nuanced relationship in recent years. The impact of federal interest rates on homeownership trends is evident, with lower rates generally encouraging home buying. The rental market has shown significant fluctuations, reflecting changing economic conditions and resident preferences. As Crainville moves forward, the housing market is expected to continue its growth trajectory, with both home prices and rent likely to increase moderately in the coming years.
