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Rising Home Values and Ownership Trends in Rankin, Illinois: A Decade of Housing Market 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
Rankin, located in Illinois, is a small community that has experienced significant fluctuations in its population and housing market over the past decade. The village has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Rankin has shown an overall upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 76%, which increased to 82% by 2019, marking the highest point in the observed period. However, there was a slight decline to 71% by 2022. Interestingly, this trend in homeownership correlates with the rise in average home prices. The average home price in Rankin increased from $49,744 in 2013 to $72,156 in 2022, representing a 45% increase over this period. This suggests that despite rising home prices, residents of Rankin have generally been able to maintain or increase their rate of homeownership.
The relationship between federal interest rates and homeownership rates in Rankin appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate in Rankin increased from 76% to 80%. However, as interest rates began to rise more significantly from 2017 onwards, we see a gradual decline in homeownership rates, reaching 71% by 2022 when the federal interest rate was 1.68%.
Regarding rental trends, the percentage of renters in Rankin has fluctuated over the years, generally moving inversely to the homeownership rate. The renter percentage was 24% in 2013, decreased to 18% in 2019, and then increased to 29% by 2022. Average rent prices have shown an overall upward trend, rising from $647 in 2013 to $727 in 2022, an increase of about 12%. It's worth noting that the population of Rankin decreased from 536 in 2013 to 507 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, Rankin saw continued growth in average home prices. The average home price reached $75,447 in 2023 and slightly decreased to $74,136 in 2024. This occurred alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the village.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Rankin may continue to rise moderately over the next five years, potentially reaching around $80,000 to $85,000 by 2029. Average rent prices are also likely to continue their upward trajectory, possibly increasing to approximately $800-$850 per month in the same timeframe. However, these predictions are subject to various economic factors and local market conditions.
In summary, Rankin has experienced a general trend of increasing homeownership rates and rising average home prices over the past decade, despite some recent declines. The rental market has seen fluctuations in both the percentage of renters and average rent prices. The interplay between federal interest rates, housing prices, and homeownership rates highlights the complex dynamics of the local housing market. As we move forward, monitoring these trends will be crucial for understanding the evolving housing landscape in Rankin.
