Loading Content...
Home Values and Ownership in Zip Code 61777: A Decade of Change in Wapella
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wapella, located in zip code 61777 in Illinois, is a small rural community that has experienced fluctuating population and homeownership trends over the past decade. The village has seen a general decrease in homeownership rates, while average home prices have shown an upward trajectory in recent years.
From 2013 to 2022, the percentage of owner-occupied homes in Wapella declined from 93% to 83%. During this same period, average home prices increased significantly. In 2016, the average home price was $108,058, and by 2022, it had risen to $138,398, representing a 28% increase over six years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
The federal interest rate trends have likely played a role in the homeownership patterns observed in Wapella. From 2013 to 2016, interest rates remained very low, hovering around 0.1% to 0.4%. During this period, homeownership rates in the village were relatively stable, ranging from 93% to 89%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Wapella showed a steeper decline, dropping from 86% in 2017 to 83% in 2022.
As homeownership rates decreased, the percentage of renters in Wapella increased from 7% in 2013 to 17% in 2022. This shift towards renting could be attributed to various factors, including rising home prices and changing demographics.
In 2023 and 2024, average home prices in Wapella continued to rise. The average home price reached $142,684 in 2023 and further increased to $150,467 in 2024, representing a 5.5% year-over-year increase. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may further impact homeownership rates in the coming years.
Looking ahead, based on the observed trends and current economic conditions, we can forecast potential scenarios for the next five years. If the current trajectory continues, average home prices in Wapella could potentially reach around $175,000 to $185,000 by 2029. This projection assumes a steady annual growth rate similar to recent years. However, it's important to note that various factors, including economic conditions, local development, and demographic shifts, could influence these projections.
In summary, Wapella has experienced a notable decrease in homeownership rates over the past decade, coinciding with rising average home prices. The inverse relationship between these two factors, coupled with fluctuating interest rates, has likely contributed to the changing housing landscape in the community. As the village moves forward, monitoring these trends will be crucial for understanding the evolving housing market and the needs of Wapella's residents.
