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Geneseo, Illinois: Home Values Rise Amid Steady Ownership in Canal-Side 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
Geneseo, a charming city in Illinois with approximately 7,100 residents, has experienced fluctuating trends in homeownership and housing prices over the past decade. This analysis explores the dynamics between ownership rates, average home prices, and average rent prices in this community. Homeownership in Geneseo has remained relatively stable, with a slight downward trend in recent years. In 2013, the homeownership rate stood at 77%, gradually decreasing to 73% by 2022. During this period, average home prices in Geneseo have shown a steady upward trajectory. In 2010, the average home price was $155,122, climbing to $210,162 by 2022, representing a significant increase of 35.5% over 12 years. The relationship between federal interest rates and homeownership rates in Geneseo appears to follow typical patterns. As interest rates remained low between 2010 and 2021, ranging from 0.08% to 2.16%, homeownership rates stayed relatively high, mostly above 75%. However, as interest rates began to rise more sharply in 2022 to 1.68%, we saw a corresponding dip in homeownership to 73%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
Renter percentages in Geneseo have shown a slight increase, mirroring the decline in homeownership. The renter-occupied rate rose from 23% in 2013 to 27% in 2022. Interestingly, average rent prices have fluctuated considerably during this period. In 2013, the average rent was $951, dropping to a low of $629 in 2016 before rising again to $737 in 2022. This volatility in rent prices does not appear to directly correlate with the gradual increase in the renter population, suggesting other local economic factors may be at play.
Looking at the most recent data, average home prices in Geneseo continued to rise, reaching $215,269 in 2023 and $220,893 in 2024. This represents a 5.1% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing demand in Geneseo.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Geneseo will continue to rise, potentially reaching around $245,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast is less certain due to past volatility, but a moderate increase to approximately $800 per month by 2029 seems plausible, assuming economic stability and continued population growth.
In summary, Geneseo has experienced a gradual shift towards slightly higher renter occupancy, coupled with steadily increasing average home prices. The impact of rising interest rates on homeownership is becoming evident, potentially influencing future housing market dynamics. Despite some fluctuations in rent prices, the overall trend suggests a slowly evolving housing landscape in this Illinois city.
