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Rising Home Values and Ownership Trends in Marengo, Illinois: A Decade of Housing Market Evolution
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
Marengo, Illinois is a charming city located in McHenry County, known for its scenic beauty and small-town atmosphere. Over the past decade, Marengo has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Marengo has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 71%, and by 2022, it had decreased slightly to 70%. During this period, average home prices in Marengo have shown a general upward trend. In 2013, the average home price was $162,146, and by 2022, it had increased significantly to $286,010, representing a 76.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in Marengo follows a typical pattern. When interest rates were at historic lows between 2013 and 2016, hovering around 0.1% to 0.4%, homeownership rates remained relatively high, ranging from 71% to 74%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates, settling at 70% in 2022.
Renter percentages in Marengo have shown minor fluctuations over the years, inversely mirroring homeownership rates. In 2013, the renter percentage was 29%, and by 2022, it had increased slightly to 30%. Average rent prices have generally trended upward during this period. In 2013, the average rent was $855, and by 2022, it had risen to $1,071, representing a 25.3% increase. The population of Marengo has remained relatively stable during this time, with 9,503 residents in 2013 and 9,444 in 2022, suggesting that changes in rental demand are more likely due to economic factors rather than significant population shifts.
In 2023 and 2024, Marengo's housing market continued to show strength. The average home price in 2023 reached $297,303, a 3.9% increase from 2022. In 2024, the average home price further rose to $315,783, representing a 6.2% increase from 2023. Concurrently, federal interest rates increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, predictive models suggest that average home prices in Marengo are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and general inflationary pressures.
In summary, Marengo has experienced a steady increase in average home prices over the past decade, with homeownership rates remaining relatively stable despite fluctuations in interest rates. The rental market has seen moderate growth in both demand and prices. As the city moves forward, it is likely to see continued appreciation in both home values and rental rates, reflecting its desirability as a residential community.
