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Elsah, Illinois: Home Values Rise as Ownership Declines in Historic Community
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
Elsah, located in Illinois, is a small community with a unique charm and rich history. Over the past decade, this village has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic shifts.
The homeownership rate in Elsah has shown a general decline from 2013 to 2022. In 2013, 85% of residents owned their homes, but by 2022, this figure had decreased to 82%. During this period, average home prices demonstrated an upward trend. In 2018, the average home price was $130,903, which steadily increased to $160,647 by 2022, representing a 22.7% increase over four years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), Elsah saw its highest homeownership rates, peaking at 91% in 2016. As interest rates began to rise from 2017 onwards, homeownership rates showed a gradual decline, reaching 82% by 2022 when the federal interest rate was 1.68%.
The renter population in Elsah has shown an inverse relationship to homeownership rates. In 2013, 15% of residents were renters, and this percentage increased to 18% by 2022. Average rent prices have fluctuated over the years. In 2013, the average rent was $1,018, which decreased to $784 in 2017 before rising again to $1,007 in 2022. These fluctuations in rent prices appear to be influenced by changes in the village's population, which varied from 2,085 to 2,535 residents between 2013 and 2022.
In 2023, the average home price in Elsah reached $168,284, with the federal interest rate at 5.02%. Moving into 2024, the average home price further increased to $176,399, while the federal interest rate slightly rose to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Elsah will continue to rise, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on the historical data trends and current economic indicators.
In summary, Elsah has experienced a gradual shift from homeownership to renting over the past decade, coinciding with rising home prices and fluctuating rent costs. The inverse relationship between federal interest rates and homeownership rates is evident, with lower rates corresponding to higher ownership percentages. As the village moves forward, it is likely to see continued growth in both home values and rental prices, reflecting broader economic trends and local market dynamics.
