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Long Creek: Rising Home Values and High Ownership Rates in a Small Illinois Community
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
Long Creek, located in Illinois, is a small community with a population of 3,221 as of 2022. The city has experienced relatively stable homeownership rates and gradual changes in average home and rent prices over the past decade.
Homeownership in Long Creek has remained consistently high, ranging from 90% to 95% between 2013 and 2022. This strong preference for homeownership is reflected in the trends of average home prices. In 2014, the average home price was $116,333, which steadily increased to $145,035 by 2022, representing a 24.7% increase over eight years. This upward trend in home prices, coupled with the high homeownership rate, suggests a stable and desirable housing market in the area.
The relationship between federal interest rates and homeownership rates in Long Creek appears to be relatively stable. Despite fluctuations in federal interest rates, which ranged from 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained consistently above 90%. This suggests that other factors, such as local economic conditions or community preferences, may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in Long Creek have remained low, ranging from 4% to 10% between 2013 and 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $1,124, which decreased to $764 by 2022, a 32% reduction. This downward trend in rent prices, coupled with the low percentage of renters, may indicate a lack of demand for rental properties or a shift towards more affordable rental options in the area.
In 2023, the average home price in Long Creek rose to $150,275, continuing the upward trend observed in previous years. The federal interest rate also increased significantly to 5.02% in 2023. Moving into 2024, the average home price further increased to $155,911, while the federal interest rate reached 5.33%. These recent increases in both home prices and interest rates suggest a potentially challenging environment for new homebuyers, although the impact on Long Creek's high homeownership rate remains to be seen.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in Long Creek may continue to rise over the next five years, potentially reaching around $175,000 to $180,000 by 2029. Average rent prices, which have shown a decreasing trend, may stabilize or experience a slight increase, possibly reaching $800 to $850 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Long Creek demonstrates a strong preference for homeownership, with consistently high rates above 90%. Average home prices have shown steady growth, while rent prices have decreased over time. The recent increases in both home prices and interest rates may present new challenges for the housing market, but the community's established pattern of high homeownership suggests a resilient local real estate environment.
