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Home Values and Ownership in Hardin: A Decade of Fluctuations
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
Hardin, Illinois, a small community situated along the Mississippi River, has experienced notable changes in its housing market and population dynamics over the past decade. The village's homeownership rates and average home values have shown interesting trends, reflecting the broader economic conditions and local market forces.
From 2013 to 2021, Hardin witnessed a general upward trend in homeownership rates, with some fluctuations. The ownership rate increased from 75% in 2013 to 81% in 2021. However, a significant decrease to 72% was observed in 2022. Concurrently, average home prices in the village have steadily increased. In 2021, the average home price was $126,567, which rose to $126,708 in 2022, representing a modest 0.1% increase.
The relationship between federal interest rates and homeownership rates in Hardin appears to follow the general economic principle of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows of 0.08% in 2021, the village experienced its highest homeownership rate of 81%. Conversely, as interest rates began to rise in 2022 to 1.68%, the homeownership rate dropped to 72%.
Renter percentages in Hardin have generally decreased from 2013 to 2021, mirroring the increase in homeownership. The renter percentage dropped from 25% in 2013 to 19% in 2021. However, there was a significant increase to 28% in 2022. Average rent prices have shown an overall upward trend. In 2013, the average rent was $409, which decreased to $335 in 2017 but then rose steadily to reach $571 in 2022, marking a 39.6% increase from 2013 to 2022.
Recent data indicates that the average home price in Hardin increased to $133,094 in 2023 and further to $134,464 in 2024, showing a continued upward trend. This coincides with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may impact affordability and future homeownership rates.
Predictive models forecasting 5-year trends suggest that average home prices in Hardin will likely continue their upward trajectory, potentially reaching around $145,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $650 per month within the next five years if current trends persist.
In conclusion, Hardin has experienced a general increase in homeownership rates from 2013 to 2021, followed by a decrease in 2022. Average home prices have shown steady growth, while rent prices have increased more dramatically. The inverse relationship between federal interest rates and homeownership rates is evident, with recent higher interest rates potentially impacting future homeownership trends. As the village continues to evolve, these housing market dynamics will play a crucial role in shaping its community structure and economic landscape.
