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Dupo: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dupo, Illinois, a small community in St. Clair County, has experienced significant changes in its housing market over the past decade. With a population of 5,579 in 2022 and an area of 6.4 square miles, this village has seen a decrease in homeownership rates alongside increases in average home prices and rent. The overall trend reflects a shift in the local housing dynamics.
The homeownership rate in Dupo has steadily declined from 85% in 2013 to 68% in 2022. During this period, average home prices have generally increased, rising from $76,768 in 2013 to $111,171 in 2022, despite a slight dip to $75,540 in 2014. This inverse relationship between rising home values and decreasing homeownership suggests that factors such as affordability or changing preferences may be influencing residents' decisions to rent rather than buy.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained very low, between 0.09% and 0.40%, yet homeownership in Dupo decreased from 85% to 78%. As interest rates rose more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to decline, reaching 70% in 2019. This indicates that local factors may have had a stronger influence on homeownership decisions than interest rates alone.
The percentage of renters in Dupo has increased from 15% in 2013 to 32% in 2022. This rise corresponds with an overall increase in average rent prices, from $849 in 2013 to $875 in 2022. However, the relationship between renter percentages and rent prices is not strictly linear. For instance, despite a peak in average rent at $895 in 2021, the renter percentage remained stable at 32% from 2021 to 2022. The slight population decrease from 5,821 in 2013 to 5,579 in 2022 may have influenced these rental market dynamics.
In 2023, the average home price in Dupo reached $115,578, showing continued growth in the housing market. However, 2024 saw a slight decrease to $113,699. This recent trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in home prices observed in 2024.
Based on historical data and recent trends, average home prices in Dupo may continue to experience moderate growth over the next five years, albeit at a slower pace due to higher interest rates. Average rent prices are likely to follow a similar pattern, with gradual increases reflecting the ongoing shift towards renting in the community.
In summary, Dupo has experienced a notable shift from homeownership to renting over the past decade, despite generally increasing home values. The interplay between federal interest rates, local economic conditions, and housing preferences has shaped these trends. While homeownership has decreased, both average home prices and average rent prices have shown an overall upward trajectory, reflecting the changing dynamics of the local housing market.
