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Rising Home Values and Stable Ownership in Bolingbrook, 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
Bolingbrook, Illinois, a village located approximately 30 miles southwest of Chicago, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. Known for its diverse community and excellent schools, Bolingbrook has maintained a relatively high rate of homeownership, averaging around 79% in recent years, while average home prices have shown a steady upward trend, particularly since 2012.
The relationship between homeownership rates and average home prices in Bolingbrook reveals interesting patterns. In 2013, when the homeownership rate was 82%, the average home price was $171,487. As average home prices increased to $204,474 in 2016, the homeownership rate rose slightly to 83%. However, by 2018, despite a further increase in average home prices to $228,768, the homeownership rate dipped to 77%. This suggests that rising home prices may have made homeownership less attainable for some residents. Nonetheless, the homeownership rate stabilized at 79% from 2020 to 2022, even as average home prices continued to climb, reaching $309,009 in 2022.
Federal interest rates have played a significant role in shaping homeownership trends in Bolingbrook. During periods of low interest rates, such as from 2013 to 2016 when rates ranged from 0.11% to 0.40%, homeownership rates remained high, between 82% and 83%. As interest rates began to rise, reaching 1.83% in 2018, the homeownership rate decreased to 77%. However, when interest rates dropped again in 2020 to 0.38%, the homeownership rate rebounded to 79% and has remained stable since then.
Renter percentages and average rent prices in Bolingbrook have shown some correlation. In 2013, when the renter percentage was 18%, the average rent was $964. As the renter percentage increased to 24% in 2014, average rent jumped significantly to $1,338. However, in subsequent years, the relationship became less clear-cut. For instance, in 2017, despite a renter percentage of 20%, average rent reached a high of $1,474. The renter percentage has remained stable at 21% from 2020 to 2022, while average rent has continued to rise, reaching $1,717 in 2022.
Looking at the most recent data, average home prices in Bolingbrook continued their upward trajectory, reaching $318,049 in 2023 and $333,424 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the village.
Applying predictive models to forecast 5-year trends, average home prices in Bolingbrook are expected to continue their upward trajectory, potentially reaching around $400,000 by 2029. Average rent prices are also projected to increase, possibly exceeding $2,000 per month within the same timeframe. These predictions assume a continuation of current economic conditions and local market factors.
In summary, Bolingbrook has maintained a relatively high and stable homeownership rate despite rising home prices. The village has demonstrated resilience in its housing market, with both home prices and rent showing consistent growth. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As Bolingbrook continues to evolve, these trends will likely shape the future of housing in this thriving Illinois village.
