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Mount Auburn's Rising Home Values and Ownership Rates: A Decade of Change in Illinois 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
Mount Auburn, located in Illinois, is a small community that has experienced notable shifts in its housing market over the past decade. The town has seen a significant increase in homeownership rates, coupled with fluctuations in average home prices and rent costs. The trend in homeownership in Mount Auburn has been remarkably positive. In 2013, the homeownership rate stood at 81%, and by 2022, it had risen to an impressive 93%. This substantial increase of 12 percentage points over nine years indicates a strong preference for homeownership in the community. Interestingly, this upward trend in homeownership occurred despite the rise in average home prices. In 2021, the average home price was $105,197, which increased to $109,107 in 2022, representing a 3.7% increase.
The relationship between federal interest rates and homeownership rates in Mount Auburn appears to follow the general trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2020, when federal interest rates were historically low, ranging from 0.11% to 0.38%, the homeownership rate in Mount Auburn increased from 81% to 92%. This correlation suggests that the low-interest environment likely contributed to the growing preference for homeownership in the community.
Conversely, the percentage of renters in Mount Auburn has decreased significantly. In 2013, renters made up 18% of the housing market, but by 2022, this figure had dropped to just 7%. Despite this decrease in the renter population, average rent prices have shown a consistent upward trend. In 2013, the average rent was $550, which steadily increased to $1,023 by 2022, representing an 86% increase over nine years. This substantial rise in rent prices, despite the declining renter population, could be attributed to various factors such as improved housing quality or limited rental inventory.
Looking at the most recent data from 2023 and 2024, we see that average home prices in Mount Auburn have slightly fluctuated. In 2023, the average home price was $107,286, showing a slight decrease from the previous year. However, in 2024, prices rebounded slightly to $108,174. It's worth noting that federal interest rates have significantly increased during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a more moderate pace. The average home price could potentially reach around $115,000 by 2029. For rent prices, the upward trend is likely to continue, potentially reaching an average of $1,200 to $1,300 per month by 2029. However, these projections should be considered in the context of broader economic factors and local market conditions.
In summary, Mount Auburn has experienced a significant shift towards homeownership over the past decade, with homeownership rates rising from 81% to 93%. This trend occurred alongside increases in both average home prices and rent costs. The correlation between low federal interest rates and increased homeownership was evident, particularly from 2013 to 2020. Despite a decreasing renter population, average rent prices have shown substantial growth. Recent data from 2023 and 2024 indicates a slight fluctuation in home prices and a significant increase in federal interest rates, which may influence future housing market dynamics in the village.
