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Rising Home Values and Ownership Trends in Tolono: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Tolono, located in Illinois, is a small community with a rich history and a dynamic real estate market. Over the past decade, this village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Tolono has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, 66% of residents owned their homes. This percentage increased steadily, reaching a peak of 76% in 2018. However, there was a slight decline in subsequent years, with the ownership rate settling at 71% by 2022. This overall increase in homeownership coincided with a rise in average home prices. In 2013, the average home price was $139,524, which grew consistently year over year, reaching $193,163 by 2022. This represents a substantial 38.4% increase in average home values over this period.
The relationship between federal interest rates and homeownership rates in Tolono shows an interesting pattern. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership increased from 66% to 68%. As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% by 2022, homeownership rates continued to climb, peaking at 76% in 2018 before slightly decreasing. This suggests that while low interest rates may have initially encouraged homeownership, other local factors also played a significant role in the village's housing market dynamics.
Renter percentages in Tolono have generally decreased as homeownership rates increased. In 2013, 34% of residents were renters, which declined to 29% by 2022. Despite this decrease in the renter population, average rent prices showed an overall upward trend. The average rent increased from $656 in 2013 to $714 in 2022, representing an 8.8% increase. However, this increase was not linear, with some years showing decreases in average rent, such as in 2019 when it dropped to $651 before rising again in subsequent years.
Looking at the most recent data, the average home price in Tolono reached $200,144 in 2023 and further increased to $207,366 in 2024. This continued upward trend in home prices occurs despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet home prices in Tolono continue to appreciate, suggesting strong local demand or limited housing supply.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Tolono to continue their upward trajectory, potentially reaching around $240,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $800 per month within the same timeframe. However, these projections assume current economic conditions and local market factors remain relatively stable.
In summary, Tolono has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite recent increases in interest rates, the local housing market remains robust, with continued price appreciation. The rental market, while shrinking in terms of percentage of residents, has seen moderate increases in average rents. These trends suggest a strong local economy and desirable living conditions in Tolono, making it an attractive location for both homeowners and investors.
