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Morris, Illinois: Rising Home Values and Shifting Ownership Trends Along the Illinois River
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
Morris, located in Illinois, is a vibrant community with a population of 15,843 as of 2022. The city has experienced significant changes in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Morris witnessed a notable shift in its homeownership landscape. The percentage of owner-occupied housing units decreased from 63% in 2013 to 60% in 2022. This decline in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Morris was $170,716, which rose steadily to reach $260,771 by 2022, representing a 52.7% increase over this period.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates in Morris remained relatively stable, hovering around 62-63%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% by 2018, homeownership rates in the city started to decline more rapidly, dropping to 54% by 2018.
Conversely, the renter-occupied housing percentage in Morris increased from 37% in 2013 to 40% in 2022. This growth in the rental market was accompanied by fluctuations in average rent prices. The average rent in Morris rose from $946 in 2013 to a peak of $1,045 in 2017, before experiencing some volatility and settling at $956 in 2022. The increase in the renter population, coupled with the city's overall population growth from 14,657 in 2013 to 15,843 in 2022, suggests a growing demand for rental properties in the area.
In 2023 and 2024, Morris continued to see growth in average home prices, reaching $271,750 in 2023 and $281,029 in 2024. This upward trajectory occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make home financing more expensive, yet the continued rise in home prices suggests strong demand in the local real estate market.
Looking ahead, predictive models suggest that average home prices in Morris are likely to continue their upward trend over the next five years, potentially reaching around $320,000 by 2029. Average rent prices are also expected to increase, albeit at a more modest pace, potentially reaching approximately $1,100 per month in the same timeframe.
In summary, Morris has experienced a gradual shift towards a higher percentage of renters over the past decade, coinciding with substantial increases in average home prices. Despite recent rises in interest rates, the local housing market remains robust, with continued growth in home values. These trends reflect the dynamic nature of Morris's real estate market and suggest ongoing changes in the city's housing landscape in the coming years.
