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Holiday Hills: Rising Home Values and Strong Ownership in a Resilient Illinois Village
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
Holiday Hills, located in Illinois, is a small community with a population of 2,270 as of 2022. This charming village has experienced interesting shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Holiday Hills has remained relatively high, fluctuating between 79% and 90% from 2013 to 2022. This trend indicates a strong preference for homeownership among residents. In 2013, the homeownership rate stood at 90%, gradually decreasing to 79% in 2018, before rebounding to 86% by 2022. Concurrently, average home prices in the village have shown a consistent upward trend. In 2013, the average home price was $108,824, rising steadily to reach $222,384 by 2022, representing a substantial increase of 104% over this period.
The relationship between federal interest rates and homeownership rates in Holiday Hills shows some correlation. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates generally stayed above 83%. However, the slight dip in homeownership to 79% in 2018 occurred despite low interest rates, suggesting other local factors may have been at play. The consistent high homeownership rates during this period align with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Holiday Hills have remained relatively low, ranging from 10% to 21% between 2013 and 2022. The highest percentage of renters was observed in 2018 at 21%, coinciding with the lowest homeownership rate. Average rent prices have fluctuated over this period. In 2013, the average rent was $1,396, decreasing to $1,202 in 2016 before rising again to $1,333 in 2022. Despite these fluctuations, the overall trend shows a slight decrease in average rent prices from 2013 to 2022, dropping by about 4.5%.
In 2023, the average home price in Holiday Hills reached $229,673, showing a continued upward trend from previous years. The federal interest rate for 2023 was 5.02%, significantly higher than the rates seen in the previous decade. Moving into 2024, the average home price has further increased to $243,163, while the federal interest rate has slightly risen to 5.33%. These figures indicate a robust housing market in Holiday Hills, with home prices continuing to appreciate despite higher interest rates.
Looking ahead, predictive models suggest that average home prices in Holiday Hills are likely to continue their upward trajectory over the next five years. Based on the historical data and current trends, we can expect average home prices to potentially reach around $280,000 to $300,000 by 2029. Average rent prices, which have shown more variability, may stabilize or see modest increases, potentially reaching $1,450 to $1,500 by 2029.
In summary, Holiday Hills has maintained a strong homeownership culture, with consistently high rates of owner-occupied housing. The steady increase in average home prices, even in the face of rising interest rates, suggests a robust and desirable housing market in the village. While renter percentages have remained relatively low, the slight decrease in average rent prices over the past decade indicates a favorable environment for those who do rent. The continued appreciation of home values, coupled with the village's high homeownership rates, points to Holiday Hills as an attractive location for long-term residential investment.
