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Rising Home Values and Ownership in Thornton, Illinois: A Decade of Housing Market Resilience
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
Thornton, located in Illinois, is a small community with a population of 2,741 as of 2022. This charming village has experienced significant fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has shown a general upward trend in recent years, while average home prices have experienced a notable increase, particularly since 2013.
The ownership percentage in Thornton has seen an overall increase from 75% in 2017 to 89% in 2022. This rise in homeownership coincided with a substantial growth in average home prices, which climbed from $101,602 in 2017 to $165,242 in 2022, representing a 62.6% increase over five years. The relationship between ownership rates and home prices appears to be positive, with both trending upward despite the rising costs.
Federal interest rates have played a role in homeownership trends in Thornton. The period from 2010 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 80% to 86%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates surprisingly continued to increase, reaching 89% in 2022. This suggests that local factors may have had a stronger influence on homeownership than national interest rates in Thornton.
Renter percentages in Thornton have shown an inverse relationship to homeownership rates, decreasing from 25% in 2017 to 11% in 2022. Despite this decline in the renter population, average rent prices have generally increased. The average rent rose from $862 in 2017 to $1,092 in 2022, a 26.7% increase. This upward trend in rent prices, despite a shrinking renter population, could indicate a tightening rental market or an overall increase in housing costs in the area.
In 2023, the average home price in Thornton slightly decreased to $163,586 from the previous year's $165,242. However, 2024 has seen a rebound, with average home prices rising to $171,578. This recent uptick occurs against a backdrop of higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Thornton may continue to rise over the next five years, potentially reaching around $190,000 by 2029. Rent prices are also expected to follow an upward trajectory, possibly approaching $1,300 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Thornton has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite rising federal interest rates, the local housing market has shown resilience, with both ownership rates and property values trending upward. The rental market, while serving a smaller percentage of the population, has seen steady increases in average rent prices. As Thornton moves forward, it appears poised for continued growth in its housing market, with both home values and rent prices expected to rise in the coming years.
