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Rising Home Values and Ownership in Staunton, Illinois: A Decade of Growth
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
Staunton, Illinois, is a small urban community with a population of 5,833 as of 2022. This charming city, covering just 3.97 square miles, has experienced interesting shifts in homeownership rates and housing prices over the past decade. The overall trend shows a gradual increase in homeownership, accompanied by fluctuating average home prices and rent costs.
Homeownership in Staunton has seen a notable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 74%, which dipped to 67% in 2017 and 2018. However, there has been a steady increase since then, reaching an impressive 79% in 2022. This rise in homeownership coincides with changes in average home prices. The average home price in Staunton was $89,384 in 2013, experiencing some fluctuations before rising significantly to $112,974 in 2022. This represents a 26.4% increase over the decade, indicating a growing real estate market despite the initial variations.
The relationship between federal interest rates and homeownership rates in Staunton follows a generally expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates showed resilience and eventual growth. The slight dip in homeownership between 2013 and 2017 may be attributed to other local economic factors. However, the sharp increase in homeownership from 71% in 2019 to 79% in 2022 occurred despite a rise in interest rates to 1.68% in 2022, suggesting strong local demand for homeownership.
Renter percentages in Staunton have inversely mirrored the homeownership trend. The proportion of renters increased from 26% in 2013 to a peak of 33% in 2017 and 2018, before declining to 21% in 2022. Average rent prices have shown considerable volatility over this period. In 2013, the average rent was $681, which dropped to $570 in 2014. There was a significant spike to $989 in 2017, followed by a decrease to $702 in 2018. By 2022, the average rent had settled at $683, only slightly higher than the 2013 figure. These fluctuations in rent prices don't show a clear correlation with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining rental rates.
Looking at the most recent data, the average home price in Staunton continued to rise, reaching $116,629 in 2023 and $120,994 in 2024. This represents a 7.1% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand in the local real estate market.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Staunton. Based on the consistent upward trajectory observed since 2019, average home prices could potentially reach around $135,000 to $140,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict. However, if the recent stability continues, we might see average rents in the range of $700 to $750 by 2029.
In summary, Staunton has experienced a significant increase in homeownership rates over the past decade, rising from 74% in 2013 to 79% in 2022. This trend has been accompanied by an overall increase in average home prices, particularly notable since 2019. The rental market has shown more volatility, both in terms of renter percentages and average rent prices. Despite recent increases in federal interest rates, the local real estate market appears to remain strong, with continued growth in home prices observed through 2024. These trends suggest a robust and evolving housing market in Staunton, with a clear preference for homeownership among its residents.
