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Home Values and Ownership Rise in Waggoner, Illinois: A Decade of Housing Market Shifts
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
Waggoner, located in Illinois, is a small community with a population that has fluctuated over the years, reaching 721 residents in 2022. This village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
Homeownership in Waggoner has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 75%, which increased significantly to 92% by 2018. However, there was a slight decline in subsequent years, with the rate settling at 86% in 2022. Interestingly, this trend in homeownership coincided with changes in average home prices. From 2016 to 2022, average home prices in Waggoner increased from $101,118 to $121,400, representing a 20% rise over six years.
The relationship between federal interest rates and homeownership rates in Waggoner aligns with well-established economic principles. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in the village generally increased. This trend is consistent with the notion that lower interest rates make mortgages more affordable, encouraging home buying. The peak homeownership rate of 92% in 2018 corresponded with a moderate interest rate of 1.83%, suggesting a sweet spot where rates were low enough to encourage buying but high enough to indicate economic stability.
Regarding rental trends, the percentage of renters in Waggoner decreased from 25% in 2013 to 14% in 2022, inversely mirroring the homeownership trend. Average rent prices, however, showed an overall increase during this period. In 2013, the average rent was $445, which rose to $575 by 2022, representing a 29% increase. This increase in rent prices occurred despite the declining renter population, possibly indicating improved quality of rental properties or broader economic factors affecting the local housing market.
In 2023 and 2024, Waggoner continued to see changes in its housing market. The average home price in 2023 was $127,198, showing a further increase from 2022. In 2024, the average home price reached $130,529, indicating a continued upward trend. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the village.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in Waggoner may continue to rise, potentially reaching around $140,000 to $150,000 by 2029, assuming a steady growth rate similar to recent years. Rent prices might also continue their upward trajectory, possibly reaching an average of $625 to $650 by 2029. However, these projections could be influenced by various factors, including broader economic conditions, local development initiatives, and changes in federal interest rates.
In summary, Waggoner has experienced a significant increase in homeownership rates over the past decade, coupled with rising home prices. The rental market has seen a decrease in the percentage of renters but an increase in average rent prices. Recent years have brought higher home prices and interest rates, which may shape the future housing landscape of this Illinois village.
