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Little York, Illinois: Rising Home Values and Ownership Rates in a Small Village
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
Little York, located in Illinois, is a small community that has experienced notable demographic and housing market changes over the past decade. The village has seen fluctuations in homeownership rates, with an overall trend towards increased owner-occupied housing. Average home prices and rent rates have also shown interesting patterns, reflecting the dynamic nature of this small Illinois settlement.
In Little York, homeownership rates have shown a general upward trend from 2013 to 2022. The percentage of owner-occupied housing increased from 72% in 2013 to 84% in 2022, indicating a growing preference for homeownership in the community. This trend coincided with changes in average home prices, though specific price data is only available for recent years. In 2022, the average home price in Little York was $100,899, suggesting relatively affordable housing options compared to many other areas.
The relationship between federal interest rates and homeownership rates in Little York appears to follow the general economic principle that lower interest rates encourage homeownership. From 2013 to 2020, when federal interest rates were historically low (ranging from 0.08% to 1.83%), homeownership rates in the village increased from 72% to 81%. This trend supports the notion that more affordable financing options due to low interest rates can stimulate home buying activity.
Conversely, the percentage of renters in Little York has decreased over time, dropping from 28% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. In 2013, the average rent was $598, which increased to a peak of $767 in 2015 before gradually decreasing to $697 in 2022. This fluctuation in rent prices, despite a decreasing renter population, could be attributed to various factors such as changes in housing quality or local economic conditions.
Looking at the most recent data, the average home price in Little York increased slightly to $100,925 in 2023 and further to $106,410 in 2024. This represents a 5.5% increase from 2022 to 2024, indicating a moderate appreciation in home values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the village.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Little York will continue to appreciate moderately, potentially reaching around $120,000 by 2029 if the current growth rate persists. Rent prices may stabilize or show slight increases, possibly reaching an average of $750-$800 per month in the next five years, assuming economic conditions remain relatively stable.
In summary, Little York has experienced a significant shift towards homeownership over the past decade, with owner-occupied housing increasing from 72% to 84% between 2013 and 2022. This trend has occurred alongside fluctuations in average rent prices and recent moderate increases in home values. The village's housing market appears to be influenced by broader economic factors such as interest rates, with recent increases potentially shaping future homeownership patterns. As the community continues to evolve, these housing trends will play a crucial role in shaping the village's demographic and economic landscape.
