Loading Content...
Rising Home Values and High Ownership: Poplar Grove's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Poplar Grove, located in Illinois, is a small community with a rich history and a population that has fluctuated over the years. The village has experienced notable trends in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
Homeownership in Poplar Grove has remained consistently high, with a slight increase observed in recent years. In 2013, the homeownership rate was 89%, which rose to 97% by 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $108,245, which steadily climbed to $219,010 by 2022, representing a substantial 102% increase over nine years.
The relationship between federal interest rates and homeownership rates in Poplar Grove shows an interesting pattern. Despite fluctuations in interest rates, homeownership remained high and even increased. For instance, when interest rates were at 0.11% in 2013, homeownership was at 89%. As interest rates rose to 1.68% in 2022, homeownership actually increased to 97%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership than interest rates alone.
Renter percentages in Poplar Grove have remained relatively low, fluctuating between 3% and 11% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,280, which increased to $2,050 in 2017, representing a 60% jump. However, by 2022, average rent had decreased to $1,927, a 6% drop from its peak. This fluctuation in rent prices doesn't seem to correlate directly with the renter percentage, which remained relatively stable during this time.
In 2023, the average home price in Poplar Grove reached $228,044, continuing the upward trend observed in previous years. This represents a 4.1% increase from 2022. The federal interest rate for 2023 was 5.02%, significantly higher than the previous year. Moving into 2024, the average home price has further increased to $239,916, a 5.2% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in Poplar Grove could potentially reach around $290,000 by 2029, assuming an average annual growth rate of 4-5%. Rent prices, which have shown more volatility, might stabilize around $2,100-$2,300 per month, considering the historical fluctuations and the high homeownership rate in the village.
In summary, Poplar Grove has demonstrated a strong preference for homeownership, with rates reaching as high as 97% in recent years. This trend has been accompanied by a significant increase in average home prices, more than doubling over the past decade. Despite rising interest rates, the community has maintained its high homeownership levels, suggesting a robust local real estate market. The rental market, while smaller, has shown more volatility in pricing, potentially reflecting changes in demand or local economic factors. As the village moves forward, it appears poised to continue its trend of high homeownership and appreciating property values.
