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Rising Home Values and High Ownership Rates in Rockport, Illinois: A Small Community with Significant Population Fluctuations
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
Rockport, located in Illinois, is a small community covering just 0.43 square miles. This charming locality has experienced significant fluctuations in its population and housing dynamics over the past decade, making it an interesting case study for real estate trends.
Homeownership in Rockport has consistently remained high, with the percentage of owner-occupied homes ranging from 88% to 96% between 2013 and 2022. This strong preference for homeownership has persisted despite variations in average home prices. Although specific home price data for earlier years is not available, we can see that the average home price in 2023 was $93,647, rising to $95,872 in 2024, indicating a modest increase in property values.
The relationship between federal interest rates and homeownership rates in Rockport appears to follow the general trend observed nationally. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in Rockport stayed consistently high, often above 90%. This aligns with the principle that lower interest rates typically encourage homeownership by making mortgages more affordable.
Renter percentages in Rockport have been relatively low, fluctuating between 3% and 12% from 2013 to 2022. The average rent prices, where data is available, show some variability. In 2016, the average rent was $624, which remained stable through 2017. It then increased to $674 in 2018, before slightly decreasing to $667 in 2019 and 2022, with some fluctuations in between. These changes in rent prices don't seem to have a strong correlation with the renter percentages, suggesting other factors may influence the rental market in this small community.
Looking at the most recent data, the average home price in Rockport increased from $93,647 in 2023 to $95,872 in 2024, representing a growth of about 2.4%. This rise in home values occurred despite the federal interest rate increasing from 5.02% in 2023 to 5.33% in 2024, indicating a resilient local housing market.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Rockport. If the current rate of increase persists, average home prices could potentially reach around $105,000 by 2029. Rent prices, which have shown more volatility, are harder to predict accurately. However, if they follow the slight upward trend seen in recent years, average rents could potentially increase to around $700-$725 per month in the next five years.
In summary, Rockport demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite fluctuations in population and economic conditions. The recent increase in average home prices, even in the face of rising interest rates, suggests a robust local real estate market. While the rental market plays a smaller role in this community, it has shown resilience with relatively stable rent prices. As Rockport continues to evolve, it will be interesting to observe how these housing trends develop in response to broader economic factors and local demographic changes.
