Loading Content...
Ogden, Illinois: Strong Homeownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ogden, located in Illinois, is a small community that has experienced fluctuations in its population and housing market over the past decade. The village has maintained a consistently high rate of homeownership, with average home prices showing a general upward trend. Meanwhile, average rent prices have also increased, albeit with some variations.
The homeownership rate in Ogden has remained notably high, ranging from 88% to 93% between 2013 and 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $126,123, which rose to $173,253 by 2022, representing a 37.4% increase over 12 years. The most significant annual jump occurred between 2021 and 2022, with average home prices rising from $158,938 to $173,253, a 9% increase in a single year.
Federal interest rates have played a role in homeownership trends in Ogden. From 2010 to 2015, when interest rates were historically low (ranging from 0.1% to 0.18%), homeownership rates remained high, mostly above 90%. As interest rates began to rise from 2016 onwards, homeownership rates showed slight fluctuations but generally remained above 88%. This suggests that while interest rates influence homeownership, other factors such as local economic conditions and housing supply also play significant roles in this small community.
The percentage of renters in Ogden has remained relatively low, fluctuating between 7% and 11% from 2013 to 2022. Despite this small renter population, average rent prices have shown a significant upward trend. In 2013, the average rent was $714, which increased to $1,109 by 2022, representing a 55.3% increase over nine years. The most substantial annual increase occurred between 2021 and 2022, with average rent rising from $950 to $1,109, a 16.7% jump. These rent increases have occurred despite relatively stable renter percentages, suggesting factors such as overall housing market pressures and potentially improved rental property quality may be driving the trend.
In 2023 and 2024, Ogden saw continued growth in average home prices. The average home price reached $184,476 in 2023 and further increased to $193,996 in 2024, representing a 6.5% and 5.2% year-over-year growth, respectively. This growth occurred alongside a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on the observed trends, it's projected that average home prices in Ogden will continue to rise over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. However, the rate of increase may moderate due to the higher interest rate environment and potential market stabilization.
In summary, Ogden has maintained a strong preference for homeownership despite rising home prices. The rental market, while small, has seen significant price increases. The community's resilience in maintaining high homeownership rates, even in the face of rising home prices and interest rates, suggests a strong local housing market and community attachment. The continued growth in both home prices and rents indicates ongoing demand for housing in this Illinois village.
