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Ford Heights: Surging Home Values Amidst Changing Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ford Heights, located in Illinois, is a small community with a rich history and evolving demographics. Over the past decade, the city has experienced significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Ford Heights has fluctuated notably between 2013 and 2022. In 2013, 44% of residents owned their homes. This percentage increased to 48% in 2014 before declining to 35% in 2016. By 2022, the homeownership rate had rebounded to 43%. Concurrently, average home prices in Ford Heights have shown a strong upward trend. In 2013, the average home price was $20,259. This figure remained relatively stable until 2015, when it began to rise significantly. By 2022, the average home price had reached $78,810, representing a substantial increase of nearly 289% over the 2013 value.
The relationship between federal interest rates and homeownership rates in Ford Heights appears to follow expected patterns. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership rates initially increased but then decreased, possibly due to other local economic factors. The slight increase in interest rates from 2017 to 2019 (1% to 2.16%) coincided with a moderate rise in homeownership rates from 36% to 39%. The sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) corresponded with an increase in homeownership to 50% in 2021, likely due to more affordable financing options.
Renter percentages in Ford Heights have mirrored the inverse of homeownership trends. In 2013, 56% of residents were renters. This percentage peaked at 65% in 2016 before gradually decreasing to 57% in 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $997. It decreased slightly to $988 in 2015, then dropped more significantly to $892 in 2017. However, by 2022, the average rent had rebounded to $904, representing a slight overall decrease of about 9.3% compared to 2013 levels.
In 2023 and 2024, Ford Heights has seen continued growth in average home prices. The average home price reached $83,282 in 2023 and further increased to $88,308 in 2024. This represents a 12% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Ford Heights are likely to continue their upward trajectory over the next five years, potentially reaching around $110,000 by 2029. Average rent prices, which have been more stable, may see moderate increases, potentially reaching approximately $1,200 per month by 2029. These projections are based on historical trends and current market conditions.
In summary, Ford Heights has experienced significant changes in its housing market over the past decade. The most notable trends include the substantial increase in average home prices, fluctuating homeownership rates, and relatively stable average rent prices. The interplay between federal interest rates, local economic conditions, and housing market dynamics will continue to shape the residential landscape of Ford Heights in the coming years.
