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Rising Home Values and High Ownership Rates: Gilberts's Resilient Housing Market
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
Gilberts, located in Illinois, is a small but growing community that has experienced significant changes in its housing market over the past decade. With a population of 10,817 in 2022 and covering an area of 5.49 square miles, this village has seen notable trends in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Gilberts has remained relatively stable, hovering around 87-88% from 2013 to 2022. However, there have been slight fluctuations, with the highest rate of 90% observed in 2016 and the lowest at 85% in 2021. Average home prices have shown a steady increase over the years, rising from $239,344 in 2010 to $346,328 in 2022, representing a 44.7% increase over this period.
The relationship between federal interest rates and homeownership rates in Gilberts presents an interesting dynamic. Despite historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates in this community.
Renter percentages in Gilberts have remained relatively low, ranging from 10% to 15% between 2013 and 2022. The average rent prices have shown considerable fluctuation during this period. In 2013, the average rent was $1,116, which increased to a peak of $1,595 in 2018, representing a 42.9% increase. However, since then, average rent prices have decreased, reaching $1,412 in 2022, a 11.5% decline from the 2018 peak.
In 2023 and 2024, Gilberts has continued to see growth in average home prices. The average home price reached $359,289 in 2023 and further increased to $373,649 in 2024, representing a 3.7% and 4% year-over-year increase, respectively. This growth occurred despite higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong demand for housing in the area.
Looking ahead, based on the historical trends and current market conditions, we can forecast the following 5-year trends for Gilberts: Average home prices are likely to continue their upward trajectory, potentially reaching around $425,000 by 2029, assuming a conservative annual growth rate of 2.5-3%. Average rent prices may stabilize or show moderate growth, potentially reaching $1,550-$1,600 by 2029, considering the recent downward trend and potential market corrections.
In summary, Gilberts has demonstrated a strong and stable housing market characterized by high homeownership rates and steadily increasing average home prices. The community has shown resilience in maintaining these trends despite fluctuations in federal interest rates and economic conditions. The recent increases in average home prices, even in the face of rising interest rates, suggest continued demand for housing in this growing Illinois village.
