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Rising Home Values and Stable Ownership: Glen Ellyn's Resilient Housing Market
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
Glen Ellyn, located in Illinois, is a vibrant community known for its charming downtown and excellent educational institutions. This suburban gem, situated just 24 miles west of Chicago, has experienced notable trends in homeownership and housing prices over the past decade. The city has maintained a strong preference for owner-occupied housing, with ownership rates consistently above 75%. Average home prices have shown a general upward trajectory, while average rent prices have also increased, albeit with some fluctuations.
The homeownership rate in Glen Ellyn has remained relatively stable, with a slight increase over the years. In 2013, the ownership rate was 76%, and by 2022, it had risen to 78%. This upward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $331,262, and it steadily climbed to $457,055 by 2022, representing a 38% increase over this period. The consistent rise in both homeownership rates and average home prices suggests a strong and desirable housing market in Glen Ellyn.
Federal interest rates have played a role in shaping homeownership trends in Glen Ellyn. From 2013 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. During this period, homeownership rates held steady at 75-76%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Glen Ellyn actually increased slightly to 78%. This trend suggests that despite rising interest rates, other factors such as local economic conditions and the desirability of the area continued to support homeownership growth.
The rental market in Glen Ellyn has shown interesting trends as well. The percentage of renters decreased slightly from 24% in 2013 to 22% in 2022. However, average rent prices increased substantially during this period. In 2013, the average rent was $1,334, and it rose to $1,578 by 2022, representing an 18.3% increase. This trend indicates that while the proportion of renters decreased, those who continued to rent faced higher costs. The population growth from 33,173 in 2013 to 34,660 in 2022 may have contributed to the upward pressure on rent prices despite the slight decrease in the percentage of renters.
In 2023 and 2024, Glen Ellyn experienced further increases in average home prices. The average home price reached $479,722 in 2023 and climbed to $511,129 in 2024, representing a significant 11.8% increase from 2022 to 2024. This rise occurred despite a sharp increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures demonstrate the continued strength and resilience of Glen Ellyn's housing market in the face of higher borrowing costs.
Looking ahead, predictive models suggest that Glen Ellyn will likely continue to see growth in both average home prices and rent prices over the next five years. Based on historical trends, average home prices could potentially reach around $580,000 to $600,000 by 2029. Average rent prices may increase to approximately $1,800 to $1,900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Glen Ellyn has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. The rental market, while smaller, has seen significant price increases despite a slight decrease in the proportion of renters. The city's ability to maintain strong homeownership rates and property values, even in the face of rising interest rates, underscores its attractiveness as a residential community. As Glen Ellyn continues to evolve, it is likely to remain a sought-after location for both homeowners and renters, with a trend towards increasing property values and rental costs.
