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Good Hope: Rising Home Values and High Ownership in a Small Illinois 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
Good Hope, located in Illinois, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The town has seen a general trend of increasing homeownership rates, with average rent prices showing moderate growth.
The homeownership rate in Good Hope has shown a notable increase over the years. In 2013, the ownership rate was 83%, which dipped slightly to 76% in 2015 and 2018. However, there was a significant jump to 88% in 2019, a level that was maintained through 2021. By 2022, there was a slight decrease to 87%. This overall upward trend in homeownership suggests a strong preference for owning rather than renting in the community.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%. This coincided with a period of relatively stable homeownership rates in Good Hope. As interest rates began to rise more significantly from 2016 onwards, reaching 1.83% in 2018, the community saw its highest homeownership rates, suggesting that residents may have been motivated to purchase homes before rates increased further.
Renter percentages in Good Hope have generally been on a declining trend. In 2013, the renter-occupied rate was 17%, which increased to 24% in 2015 and 2018. However, there was a sharp decline to 12% in 2019, a level that held steady through 2021, before slightly increasing to 13% in 2022. Average rent prices have shown an overall upward trend. In 2013, the average rent was $588, which increased to $715 by 2017. After a slight dip to $645 in 2019, rent prices rose again, reaching $768 in 2022. This represents a 30.6% increase in average rent from 2013 to 2022.
In 2023, the average home price in Good Hope was $104,626, and in 2024, it increased to $105,942, showing a modest year-over-year growth of 1.26%. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a tightening monetary policy environment.
Looking ahead, based on the observed trends, we can project that average home prices in Good Hope may continue to see modest annual increases of around 1-2% over the next five years, potentially reaching around $112,000 by 2029. Average rent prices, which have shown more volatility, might stabilize with annual increases of 2-3%, potentially reaching approximately $860 by 2029.
In summary, Good Hope has demonstrated a strong preference for homeownership, with rates reaching as high as 88% in recent years. Despite rising federal interest rates, the community has maintained high levels of owner-occupied housing. Rent prices have shown overall growth, albeit with some fluctuations, while the renter population has generally decreased. The modest but steady increase in average home prices suggests a stable housing market in this small Illinois community.
