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Pistakee Highlands: Rising Home Values and Steady Ownership 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
Pistakee Highlands, located in Illinois, is a small community with a land area of 1.28 square miles. This charming suburb has experienced notable shifts in its housing market and demographic composition over the past decade, reflecting broader economic trends and local dynamics.
Homeownership rates in Pistakee Highlands have shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 90%, which increased to 92% by 2021, before slightly decreasing to 88% in 2022. This trend coincides with changes in average home prices. The average home price in 2013 was $115,883, which steadily increased to $224,699 by 2022, representing a significant 94% growth over this period.
The relationship between federal interest rates and homeownership rates in Pistakee Highlands follows a well-established pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.40%, homeownership rates generally increased. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options. However, as interest rates rose sharply to 1.68% in 2022, we observed a slight decrease in homeownership rates from 92% to 88%.
Renter percentages in Pistakee Highlands have shown an inverse relationship to homeownership rates, naturally. The renter population peaked at 18% in 2015 when the average rent was $1,640. Interestingly, as the population decreased from 3,442 in 2010 to 2,991 in 2022, average rent prices remained relatively stable, only increasing from $1,533 in 2013 to $1,536 in 2022, a mere 0.2% increase over nine years.
In 2023, the average home price in Pistakee Highlands reached $235,963, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $248,069, while federal interest rates have risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability and homeownership rates in the near future.
Looking ahead, predictive models suggest that average home prices in Pistakee Highlands are likely to continue their upward trajectory over the next five years, potentially reaching around $300,000 by 2029. Average rent prices, which have remained relatively stable, may see a moderate increase, possibly reaching $1,700 to $1,800 per month in the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and broader housing market trends.
In summary, Pistakee Highlands has experienced a significant increase in average home prices and homeownership rates over the past decade, despite a decreasing population. The community has maintained relatively stable average rent prices, even as the proportion of renters fluctuated. The recent sharp increase in interest rates and continued rise in home prices may present challenges for future homebuyers, potentially affecting the balance between owners and renters in this small Illinois community.
