Downs, Illinois, a small community in McLean County, has experienced significant changes in its housing market over the past decade. With a population of 3,354 in 2022 and an area of 3.0 square miles, the village has seen notable shifts in homeownership rates, housing prices, and rental trends. From 2013 to 2018, homeownership rates in Downs showed an upward trend, reaching a peak of 96% in 2018. However, a slight decline followed, with the ownership rate settling at 89% in 2022. Concurrently, average home prices have steadily increased, rising from $203,615 in 2010 to $275,662 in 2022, marking a substantial 35.4% increase over this period.

The relationship between federal interest rates and homeownership rates in Downs reveals an interesting pattern. As interest rates remained low from 2010 to 2015, ranging between 0.09% and 0.18%, homeownership rates increased from 92% in 2013 to 96% in 2018. This trend aligns with the general expectation that lower interest rates encourage homeownership due to more affordable financing options. However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, a slight decline in homeownership rates to 89% by 2022 was observed.

Renter percentages in Downs have fluctuated inversely to homeownership rates, reaching a low of 4% in 2018 before increasing to 11% by 2022. Average rent prices have shown volatility, peaking at $1,392 in 2018 before decreasing to $1,266 in 2022. This trend suggests that as more rental units became available, there was downward pressure on rent prices, despite the overall increase in housing values.