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Rising Home Values and Complete Homeownership: Fowler, Illinois' Unique Housing Trajectory
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
Fowler, located in Illinois, is a small community with a population of 515 as of 2022. This charming village has experienced significant changes in homeownership rates and housing prices over the past decade, offering a unique perspective on local real estate trends.
Homeownership in Fowler has seen a remarkable increase, reaching 100% by 2021 and maintaining that level through 2022. This trend coincides with a steady rise in average home prices, which have grown from $113,352 in 2010 to $184,856 in 2022, representing a 63% increase over this period. The relationship between homeownership rates and average home prices appears to be positive, with both metrics showing upward trajectories.
The influence of federal interest rates on homeownership in Fowler is evident. As interest rates remained low, particularly from 2010 to 2016 (ranging from 0.1% to 0.4%), homeownership rates in the community increased from 80% in 2013 to 98% in 2018. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Fowler have shown a significant decline, dropping from 20% in 2013 to just 2% in 2019, before becoming unavailable in subsequent years. Average rent prices, when available, remained stable at $724 from 2019 to 2022, with a slight increase to $725 in 2021. The decline in renter percentages coincided with a decrease in population from 693 in 2010 to 515 in 2022, suggesting a shift towards a predominantly owner-occupied community.
In 2023 and 2024, Fowler experienced a substantial increase in average home prices. The average home price rose to $207,879 in 2023 and further to $212,982 in 2024, representing a 15.2% increase from 2022 to 2024. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the observed trends, we can expect average home prices in Fowler to continue their upward trajectory over the next five years. Projecting from the 2024 average of $212,982, and assuming a similar growth rate to recent years, prices could potentially reach around $250,000 by 2029. Rent prices, if they follow the minimal changes seen in recent years, may remain relatively stable, potentially increasing slightly to around $750 per month by 2029.
In summary, Fowler has transformed into a community of homeowners, with average home prices showing consistent growth. The village has experienced a significant decline in renters, coupled with stable rent prices. Recent years have seen accelerated growth in home values, even in the face of rising interest rates, indicating strong local demand for homeownership in this Illinois community.
