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Noyes and Foster: Rising Home Values and Dynamic Ownership Trends in Evanston
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
Noyes and Foster, a neighborhood in Evanston, Illinois, situated near Northwestern University, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates and dynamic trends in average home and rent prices. The neighborhood has generally witnessed an increase in average home prices, while rental rates have shown more variability.
The homeownership rate in Noyes and Foster has fluctuated considerably between 2013 and 2022. Starting at 29% in 2013, it reached a peak of 42% in 2018 before declining to 34% in 2022. This trend does not consistently align with changes in average home prices. For instance, while the ownership rate peaked in 2018, average home prices continued to rise from $290,829 in 2018 to $304,365 in 2022, a 4.7% increase. This suggests that factors beyond home prices influence homeownership rates in the neighborhood.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw very low interest rates (0.11% to 0.40%), coinciding with an increase in homeownership from 29% to 41%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable, fluctuating between 38% and 42%. This indicates that while interest rates influence homeownership, local factors such as job market conditions and housing supply also play crucial roles.
Renter percentages in Noyes and Foster have inversely mirrored homeownership rates, ranging from a high of 71% in 2013 to a low of 58% in 2016 and 2018, before settling at 66% in 2022. Average rent prices have shown considerable volatility. From 2013 to 2022, rent prices fluctuated, starting at $1,352 in 2013, peaking at $1,509 in 2021, and then decreasing to $1,290 in 2022. This represents a 4.6% decrease from 2013 to 2022, despite the overall increase in population from 3,955 to 3,808 during the same period. The inverse relationship between population and rent prices suggests that other factors, such as housing supply and local economic conditions, significantly influence rental rates.
In 2023 and 2024, the Noyes and Foster neighborhood saw continued growth in average home prices. The average home price reached $316,497 in 2023 and further increased to $326,753 in 2024, representing a 3.2% and 7.4% increase from 2022, respectively. This upward trend occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong demand for housing in the area despite higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trend in average home prices for Noyes and Foster over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $360,000 by 2029. Rent prices, while more volatile, are also expected to show a modest upward trend, potentially reaching an average of $1,400 to $1,500 per month by 2029, assuming stable economic conditions and continued demand for rental properties in the area.
In summary, Noyes and Foster has demonstrated resilience in its housing market, with generally increasing home values despite fluctuations in homeownership rates. The inverse relationship between homeownership and rental percentages highlights the dynamic nature of the neighborhood's housing market. The recent increases in home prices, even in the face of rising interest rates, suggest strong underlying demand for housing in this area. Future trends indicate potential for continued growth in both home values and rental rates, making Noyes and Foster an area of interest for both homeowners and investors in the coming years.
