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La Moille: Rising Home Values and Homeownership Amidst Interest Rate 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
La Moille, located in Illinois, is a small community that has experienced notable changes in its housing market over the past decade. The city has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in La Moille has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 76%, which increased to 83% by 2022. This overall increase in homeownership coincided with a significant rise in average home prices. From 2017 to 2022, average home prices in La Moille increased from $88,711 to $128,337, representing a substantial 44.7% increase over five years.
The relationship between federal interest rates and homeownership rates in La Moille appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates in La Moille increased from 76% to 79%. However, even as interest rates began to rise from 2017 onwards, homeownership rates in the village continued to climb, reaching 83% in 2022 when the federal interest rate was 1.68%. This suggests that local factors may have played a significant role in driving homeownership trends in addition to national interest rate patterns.
Renter percentages in La Moille have generally decreased as homeownership rates increased. The renter-occupied percentage dropped from 24% in 2013 to 17% in 2022. Interestingly, average rent prices have shown some volatility during this period. Average rent increased from $737 in 2013 to $787 in 2017, then decreased to $656 in 2021, before rising again to $784 in 2022. This fluctuation in rent prices, coupled with the declining renter population, suggests a complex rental market influenced by various factors including housing availability and local economic conditions.
In 2023 and 2024, La Moille saw continued growth in average home prices, reaching $138,154 in 2023 and $147,624 in 2024. This represents a 15% increase over two years from 2022 prices. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in La Moille has continued to appreciate, indicating strong local demand or other favorable market conditions.
Looking ahead, based on the observed trends, we can predict that average home prices in La Moille will continue to rise over the next five years, potentially reaching around $175,000 by 2029. Average rent prices may stabilize or show modest increases, potentially reaching $850-$900 per month by 2029. However, these predictions assume relatively stable economic conditions and no major disruptive events.
In summary, La Moille has experienced a notable increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The rental market has shown some volatility, with decreasing renter percentages and fluctuating rent prices. The continued rise in home prices through 2024, even in the face of higher interest rates, suggests a robust local housing market with potential for further growth in the coming years.
