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Independence, Wisconsin: A Decade of Resilient Housing Market Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Independence, located in Wisconsin, has experienced notable fluctuations in its housing market over the past decade. This small city has seen shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Independence has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 67%, and by 2022, it had increased slightly to 68%. During this period, average home prices in the city showed a consistent upward trend. In 2013, the average home price was $108,383, which steadily increased to $191,447 by 2022, representing a substantial 76.6% growth over nine years.
Federal interest rates play a significant role in homeownership trends. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), the homeownership rate in Independence remained steady at 64-67%. As interest rates began to rise gradually from 2016 to 2019 (0.4% to 2.16%), the homeownership rate saw minor fluctuations but generally remained within the 64-67% range. This stability suggests that other local factors may have counterbalanced the potential negative impact of rising interest rates on homeownership.
Renter percentages in Independence have shown slight variations, mirroring the changes in homeownership rates. In 2013, the renter-occupied percentage was 33%, which increased to 36% in 2014 and remained at that level until 2016. From 2017 to 2022, the renter percentage gradually decreased, reaching 32% in 2022. Average rent prices, however, have shown a consistent upward trend. In 2013, the average rent was $595, which increased to $833 by 2022, representing a 40% increase over nine years. This rise in rent prices occurred despite fluctuations in the city's population, which peaked at 3,005 in 2016 before declining to 2,543 in 2022.
In 2023 and 2024, the housing market in Independence continued its upward trajectory. The average home price reached $199,597 in 2023 and further increased to $205,757 in 2024, representing a 3.1% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Independence will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and rising property values.
In summary, Independence has demonstrated resilience in its housing market, with stable homeownership rates despite rising home prices and interest rates. The consistent growth in both average home prices and rent prices suggests a strong local real estate market, likely supported by factors such as local economic conditions and housing demand. The coming years may see continued growth in property values, albeit potentially moderated by higher interest rates and broader economic factors.
