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Rising Home Values and Shifting Ownership in Gardner, Illinois: A Decade of Housing Trends
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
Gardner, Illinois, a small community with a population of 1,973 as of 2022, has experienced notable changes in its housing market over the past decade. From 2013 to 2022, the city witnessed a slight decrease in homeownership rates alongside significant increases in both home prices and rent costs.
The homeownership rate in Gardner declined from 80% in 2013 to 76% in 2022. During this same period, average home prices rose substantially from $100,270 to $160,720, representing a 60.3% increase. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents, contributing to the slight decrease in the ownership rate.
Federal interest rates played a role in the housing market dynamics. From 2013 to 2020, rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with a relatively stable homeownership rate in Gardner, fluctuating between 74% and 80%. However, as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate stabilized at 76%, possibly indicating that higher borrowing costs were beginning to impact home buying decisions.
The rental market in Gardner also experienced significant changes. The percentage of renters increased from 20% in 2013 to 24% in 2022. Concurrently, average rent prices rose from $654 in 2013 to $977 in 2022, a 49.4% increase. This trend suggests that despite rising rent costs, more residents were opting to rent, possibly due to the even steeper increase in home prices making homeownership less accessible.
Recent data shows continuing upward trends in both home prices and interest rates. In 2023, average home prices in Gardner reached $174,793, with federal interest rates at 5.02%. As of 2024, average home prices have further increased to $186,413, while interest rates have risen to 5.33%. These figures indicate a continuing upward trend in both home prices and borrowing costs, which may further impact homeownership rates in the near future.
Looking ahead, predictive models suggest that average home prices in Gardner may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Gardner has experienced a gradual shift towards renting, with a slight decrease in homeownership rates over the past decade. This trend has occurred alongside significant increases in both average home prices and average rent prices. The recent sharp rise in interest rates, combined with continuing growth in home prices, may further influence the balance between homeownership and renting in the coming years.
