Pittsfield, Illinois, a small city in Pike County, is known for its rich history and charming small-town atmosphere. Over the past decade, Pittsfield has experienced notable changes in its housing market, particularly in homeownership rates and home values. From 2013 to 2022, Pittsfield saw a significant increase in homeownership rates, rising from 70% to 78%. This upward trend coincided with changes in average home prices, which grew from $90,547 in 2017 to $104,065 in 2022, representing a 15% increase over five years. This parallel rise suggests a growing preference for homeownership in the city, potentially driven by the relative affordability of homes compared to larger urban areas.

The relationship between federal interest rates and homeownership rates in Pittsfield follows an expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in Pittsfield steadily increased. This trend aligns with the principle that lower interest rates make mortgages more affordable, encouraging home buying. The rise in homeownership from 70% in 2013 to 77% in 2020 coincided with these low interest rates.

Conversely, the renter population in Pittsfield has decreased over time. In 2013, 30% of the population were renters, which dropped to 22% by 2022. Despite this decline in the renter population, average rent prices have shown some volatility. In 2013, the average rent was $473, which increased to $570 in 2021, but then decreased to $482 in 2022. This fluctuation in rent prices, despite a decreasing renter population, could be attributed to various factors such as changes in housing quality or local economic conditions.