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Fieldon's Soaring Home Values and Ownership: A Decade of Housing Market Transformation
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
Fieldon, located in Illinois, is a small community with a rich history and a unique demographic profile. Over the past decade, this village has experienced significant shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. Homeownership in Fieldon has shown a remarkable upward trend, increasing from 86% in 2013 to an impressive 96% in 2022. This substantial rise in owner-occupied housing units demonstrates a strong preference for homeownership among residents. Concurrently, average home prices have also seen growth, albeit with some fluctuations. In 2018, the average home price was $133,176, which dipped slightly to $126,973 in 2019 before rising steadily to reach $147,208 in 2022.
The relationship between federal interest rates and homeownership rates in Fieldon appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2017, hovering around 0.1% to 1%, homeownership rates increased from 86% to 90%. This correlation suggests that favorable financing conditions may have contributed to the village's high rate of homeownership.
The rental market in Fieldon has experienced a significant contraction, with the percentage of renter-occupied units decreasing from 14% in 2013 to just 4% in 2022. Despite this decline in the renter population, average rent prices have remained relatively stable. The median rent was consistently $950 from 2014 to 2018, with only a minor fluctuation to $949 in 2019 and 2020, before returning to $950 in 2021 and 2022. This stability in rent prices, despite the decreasing renter population, could be attributed to limited rental inventory or sustained demand for the few available rental units.
In 2023 and 2024, Fieldon has continued to see growth in average home prices. The average home price rose to $153,858 in 2023 and further increased to $161,366 in 2024. This upward trend coincides with a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the local housing market appears to remain robust, possibly due to other factors such as local economic conditions or housing supply constraints.
Looking ahead, predictive models suggest that average home prices in Fieldon are likely to continue their upward trajectory over the next five years. Based on the current trend, we can expect average home prices to potentially reach around $180,000 to $190,000 by 2029. Rent prices, which have been stable for several years, may see modest increases, potentially reaching an average of $975 to $1,000 per month in the same timeframe, assuming continued low rental inventory and steady demand.
In summary, Fieldon has experienced a significant shift towards homeownership over the past decade, with owner-occupied units reaching 96% in 2022. This trend has been accompanied by steady growth in average home prices, particularly in recent years. The rental market has contracted substantially, yet rent prices have remained stable. With continued growth in home prices observed in 2023 and 2024, and predictions for further increases, Fieldon appears to be maintaining its status as a predominantly homeowner community with a strengthening housing market.
