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Edison Park: Rising Home Values and Stable Ownership in Chicago's Suburban-Like Neighborhood
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
Edison Park, a neighborhood in Chicago, Illinois, is characterized by its strong community spirit and suburban atmosphere within city limits. The area has maintained a consistently high rate of homeownership over the years, with average home prices showing a generally upward trend and average rent prices fluctuating but remaining relatively stable. The homeownership rate in Edison Park has remained remarkably steady, hovering around 83-85% from 2013 to 2022. This high rate of owner-occupied housing reflects the neighborhood's stability and desirability. Average home prices in the area have shown a significant upward trend over the past decade. In 2010, the average home price was $268,910, which increased to $400,675 by 2022, representing a substantial 49% increase over 12 years. This rise in home values coincides with the neighborhood's consistent high homeownership rates, suggesting a strong correlation between property values and the desire for homeownership in Edison Park.
Federal interest rates have played a role in homeownership trends in Edison Park. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the neighborhood's consistently high homeownership rates, as lower rates typically make mortgages more affordable and encourage home buying. Even as interest rates began to rise in 2022 to 1.68%, Edison Park maintained its high percentage of owner-occupied homes at 84%, demonstrating the neighborhood's resilience and continued appeal to homeowners.
Renter percentages in Edison Park have remained relatively low, fluctuating between 14% and 18% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $768, which decreased to $623 in 2019 before rising to $784 in 2022. This represents a modest 2% increase in average rent over nine years, despite the neighborhood's population growth from 16,494 in 2013 to 17,931 in 2022. The stability in rent prices, coupled with the low percentage of renters, suggests that Edison Park remains primarily a homeowner's market with limited rental inventory.
In 2023, the average home price in Edison Park reached $405,890, showing continued appreciation in the real estate market. This trend continued into 2024, with average home prices climbing to $424,346. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, Edison Park's housing market has remained robust, indicating strong demand for homes in the area.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Edison Park will continue to appreciate over the next five years, potentially reaching around $475,000 by 2029. Average rent prices are expected to follow a more moderate upward trajectory, possibly increasing to approximately $850 per month in the same timeframe. These projections assume continued demand for housing in the neighborhood and stable economic conditions.
In summary, Edison Park demonstrates a remarkably stable housing market characterized by high homeownership rates and steadily increasing property values. The neighborhood has shown resilience in the face of fluctuating interest rates and economic conditions, maintaining its appeal to both long-term residents and new homebuyers. The consistent growth in average home prices, coupled with relatively stable rent costs, underscores Edison Park's position as a desirable residential area within Chicago.
