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Rising Home Values and High Ownership Rates in Alexis, Illinois: A Decade of Housing Trends
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
Alexis, located in Illinois, is a small community that has experienced notable shifts in population and housing dynamics over the past decade. The village has seen fluctuations in homeownership rates, accompanied by changes in average home prices and rent costs. This analysis explores these trends and their interrelationships.
From 2013 to 2022, Alexis witnessed a general increase in homeownership rates. The percentage of owner-occupied homes rose from 90% in 2013 to 88% in 2022, with some fluctuations in between. During this period, average home prices also showed an upward trend. In 2016, the average home price was $86,133, which steadily increased to $116,957 by 2022, representing a 35.8% increase over six years.
The relationship between federal interest rates and homeownership rates in Alexis appears to follow expected patterns. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates generally remained high, above 80%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in Alexis showed some variability from 2013 to 2022, ranging from a low of 11% in 2013 and 2021 to a high of 20% in 2016. Average rent prices also fluctuated during this period. In 2013, the average rent was $553, which increased to a peak of $717 in 2015 before declining to $574 in 2021. In 2022, there was a significant jump in average rent to $774, despite a slight decrease in the renter percentage to 12%. This increase in rent occurred alongside a decline in population from 950 in 2021 to 907 in 2022, suggesting factors beyond population changes were influencing rent prices.
Looking at the most recent data, the average home price in Alexis continued to rise, reaching $118,913 in 2023 and $120,694 in 2024. This represents a modest but steady increase of 1.7% and 1.5% respectively. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $130,000 to $135,000 by 2029. Rent prices may also continue to rise, possibly reaching around $850 to $900 per month, assuming economic conditions remain stable and the village's population doesn't dramatically change.
In summary, Alexis has maintained a high rate of homeownership despite fluctuations in population and economic indicators. The steady increase in average home prices, coupled with recent sharp rises in rent, suggests a robust local housing market. However, the significant increase in federal interest rates in 2023 and 2024 may influence future homeownership rates and housing affordability in the village.
