Loading Content...
Gays, Illinois: Rising Home Values and Strong Ownership Amid Population Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Gays, Illinois, is a small community with a population that has fluctuated over the past decade, reaching 679 residents in 2022. This rural village has experienced notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local dynamics.
The homeownership rate in Gays has shown resilience, remaining relatively high throughout the observed period. In 2013, the homeownership rate stood at 89%, and despite some fluctuations, it maintained a strong 84% in 2022. This high rate of homeownership coincides with a steady increase in average home prices. From 2016 to 2022, average home prices rose from $99,114 to $145,037, representing a substantial 46.3% increase over six years.
The relationship between federal interest rates and homeownership rates in Gays presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, Gays maintained high ownership rates even as interest rates fluctuated. For instance, when interest rates were at historic lows (0.08% in 2021), the village's homeownership rate was 86%. As rates increased to 1.68% in 2022, there was only a slight decrease to 84% homeownership, suggesting other factors may be influencing local housing decisions.
Renter percentages in Gays have shown some variability, ranging from a low of 8% in 2017 to a high of 21% in 2019. Interestingly, average rent prices have increased significantly over time, particularly in recent years. In 2013, the average rent was $735, which remained relatively stable until 2019. However, from 2020 to 2022, average rent prices surged from $930 to $1,375, a 47.8% increase in just two years. This sharp rise in rent occurred despite fluctuations in the village's population, suggesting potential influences from broader economic factors or changes in housing quality.
In 2023 and 2024, Gays experienced a slight cooling in the housing market. The average home price decreased from $145,037 in 2022 to $137,896 in 2023, before slightly recovering to $140,088 in 2024. This coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest a potential stabilization in home prices over the next five years, with modest growth expected. Average home prices may reach around $150,000 by 2029, assuming steady economic conditions. Rent prices are projected to continue their upward trajectory, potentially reaching an average of $1,600 to $1,700 per month by 2029, reflecting ongoing demand for rental properties in the area.
In summary, Gays has maintained a strong homeownership culture despite rising home prices and recent interest rate hikes. The significant increase in rent prices, particularly since 2020, stands out as a key trend, potentially affecting the affordability of rental housing in the village. The coming years may see a more balanced housing market, with moderate growth in both home values and rental rates, as the community adapts to evolving economic conditions.
