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Le Roy, Illinois: Rising Home Values and Fluctuating Ownership in a Small Vibrant City
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
Le Roy, located in Illinois, is a small yet vibrant community that has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, revealing interesting patterns in the city's real estate landscape. The homeownership rate in Le Roy has shown a fluctuating trend between 2013 and 2022. In 2013, the city boasted a high homeownership rate of 87%. However, this figure gradually declined to reach a low of 77% in 2017. Since then, there has been a reversal in this trend, with homeownership rates climbing back up to 86% by 2022. This trend in homeownership has corresponded with changes in average home prices. The average home price in Le Roy increased from $132,311 in 2013 to $163,807 in 2022, representing a 23.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Le Roy shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Le Roy also started to increase. This suggests that other local factors may have played a more significant role in influencing homeownership trends than national interest rates alone.
Renter percentages in Le Roy have inversely mirrored the homeownership trends. The percentage of renters increased from 13% in 2013 to a peak of 23% in 2017, before declining to 14% by 2022. Average rent prices have shown a general upward trend during this period, rising from $580 in 2013 to $778 in 2022, a substantial increase of 34.1%. This rise in average rent prices may have contributed to the recent decline in the renter population, as more residents potentially shifted towards homeownership.
In 2023 and 2024, Le Roy saw a continued rise in average home prices, reaching $176,058 in 2023 and $183,817 in 2024. This represents a significant increase of 12.2% from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the city.
Looking ahead, predictive models suggest that average home prices in Le Roy may continue to rise over the next five years, potentially reaching around $210,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $900 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Le Roy has experienced a resurgence in homeownership rates in recent years, accompanied by steady increases in both average home prices and average rent prices. The interplay between these factors, along with changes in federal interest rates, has shaped the city's housing market dynamics. As the city moves forward, it appears poised for continued growth in property values and rental costs, potentially influencing future homeownership trends.
