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Rising Home Values and Ownership Fluctuations in Mascoutah, Illinois: A Decade of Real Estate 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
Mascoutah, a city in Illinois, has experienced significant growth and changes in its housing market over the past decade. Located in St. Clair County, this charming Midwestern city has seen a steady increase in population and evolving trends in homeownership and rental markets.
The homeownership rate in Mascoutah has fluctuated over the years, showing an overall upward trend. In 2013, the homeownership rate was 72%, which increased to 79% by 2019. However, there was a slight decline to 73% by 2022. This trend closely aligns with changes in average home prices. In 2013, the average home price was $146,580, which steadily increased to $216,337 by 2022, representing a 47.6% increase over nine years.
Federal interest rates have played a significant role in homeownership trends in Mascoutah. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 71-73%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), Mascoutah saw an increase in homeownership to 79%, possibly due to residents securing mortgages before rates climbed further.
Renter percentages in Mascoutah have generally shown an inverse relationship to homeownership rates. In 2013, 28% of residents were renters, which decreased to 21% by 2019 as homeownership increased. However, by 2022, the renter percentage rose slightly to 27%. Average rent prices have shown a general upward trend, increasing from $995 in 2013 to $1,048 in 2022, with some fluctuations in between. The highest average rent was recorded in 2018 at $1,177.
In 2023, the average home price in Mascoutah reached $227,132, continuing the upward trend seen in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $241,667, while the federal interest rate has slightly risen to 5.33%. These figures indicate a resilient housing market in Mascoutah, with home values continuing to appreciate even in a high-interest-rate environment.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Mascoutah are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $275,000 to $290,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month in the same timeframe, driven by housing demand and overall economic factors.
In summary, Mascoutah has demonstrated a robust and growing housing market over the past decade. The city has maintained a high rate of homeownership, with average home prices showing consistent appreciation. While there have been fluctuations in the rental market, it has generally remained stable. The resilience of the housing market, even in the face of rising interest rates, suggests a strong local economy and continued demand for housing in this Illinois city.
