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Cullom, IL: Rising Home Values Amidst Ownership Fluctuations
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
Cullom, located in Illinois, is a small community that has experienced significant fluctuations in its population and housing market over the past decade. The village has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate landscape. The homeownership rate in Cullom has shown a general decline followed by a recovery in recent years. In 2013, the homeownership rate stood at 78%, but it decreased to 63% by 2019. However, there has been a reversal of this trend, with homeownership rising to 74% in 2022. Interestingly, this trend has coincided with changes in average home prices. The average home price in Cullom was $73,251 in 2013, and it remained relatively stable until 2018. From 2019 onwards, there was a significant upward trend, with average home prices reaching $104,117 in 2022, representing a 42% increase from 2013.
The relationship between federal interest rates and homeownership rates in Cullom appears to follow established trends. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding increase in homeownership rates. This trend aligns with the idea that rising interest rates can sometimes motivate potential buyers to enter the market before rates climb higher.
Renter percentages in Cullom have shown an inverse relationship to homeownership rates. The percentage of renters increased from 22% in 2013 to a peak of 37% in 2019, before declining to 26% in 2022. Average rent prices have fluctuated over this period, starting at $818 in 2013, dropping to a low of $579 in 2017, and then rising again to $938 in 2022. This represents a 14.7% increase in average rent from 2013 to 2022, despite the overall decrease in the renter population.
In 2023 and 2024, the average home prices in Cullom continued to rise, reaching $109,964 in 2023 and $112,170 in 2024. This represents a 7.7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the village.
Looking ahead, based on the current trends, we can predict that average home prices in Cullom may continue to rise over the next five years, potentially reaching around $130,000 by 2029. Average rent prices may also continue their upward trajectory, possibly exceeding $1,100 per month in the same timeframe. However, these projections assume a continuation of current economic conditions and local market factors.
In summary, Cullom has experienced a recovery in homeownership rates in recent years, coupled with significant increases in both average home prices and rent prices. The interplay between federal interest rates, housing prices, and ownership trends reflects the complex dynamics of the local real estate market. As the village moves forward, these trends will likely continue to shape its housing landscape and community composition.
