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Kennedy Park: Rising Home Values and Stable Ownership in Chicago's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Kennedy Park, a vibrant neighborhood in Chicago, Illinois, has experienced fluctuating homeownership rates and rising housing prices over the past decade, reflecting broader economic trends and local market dynamics. The community has demonstrated resilience in its housing market, with stable homeownership rates and increasing property values.
The homeownership rate in Kennedy Park has remained relatively steady over the years, with minor fluctuations. In 2013, the rate stood at 72%, and by 2022, it had slightly decreased to 71%. During this period, average home prices in the neighborhood showed a consistent upward trend. The average home price rose from $174,132 in 2013 to $272,122 in 2022, representing a substantial increase of 56.3% over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in Kennedy Park. From 2013 to 2016, when interest rates were historically low, ranging from 0.11% to 0.40%, the neighborhood maintained a relatively high homeownership rate between 67% and 72%. This period coincided with a gradual increase in average home prices, from $174,132 in 2013 to $207,167 in 2016. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, fluctuating between 70% and 76%.
Renter percentages and average rent prices in Kennedy Park have shown interesting trends. The renter-occupied percentage increased from 25% in 2013 to 29% in 2022. During this period, average rent prices also saw an upward trajectory. In 2013, the average rent was $921, and by 2022, it had increased to $1,083, representing a 17.6% rise. This trend suggests a growing demand for rental properties in the neighborhood, possibly driven by factors such as job market changes or shifts in housing preferences.
In 2023 and 2024, Kennedy Park's housing market continued to evolve. The average home price in 2023 was $267,948, showing a slight decrease from the previous year. However, in 2024, the average home price rebounded to $275,322, indicating ongoing market resilience. Notably, federal interest rates reached 5.02% in 2023 and further increased to 5.33% in 2024, potentially influencing homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that Kennedy Park's housing market will likely continue its upward trajectory over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $310,000 by 2029. Average rent prices are expected to follow a similar trend, with an estimated annual growth of 3-4%, potentially reaching $1,300 by 2029.
In summary, Kennedy Park has demonstrated a resilient housing market with stable homeownership rates and increasing property values. The neighborhood has weathered various economic conditions, including fluctuating interest rates, while maintaining its appeal to both homeowners and renters. The gradual increase in both home prices and rent suggests a sustained demand for housing in this Chicago community, pointing towards a positive outlook for the local real estate market in the coming years.
