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Rising Home Values and Stable Ownership in Wheaton's Northeast: A Decade of Growth
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
The Northeast neighborhood of Wheaton, Illinois, has experienced significant growth in its housing market over the past decade. This area is characterized by high population density and a predominantly owner-occupied housing market. From 2013 to 2022, homeownership rates in the Northeast neighborhood increased from 74% to 77%, while average home prices rose substantially from $395,179 to $529,707, marking a 34% increase.
The relationship between federal interest rates and homeownership rates in the Northeast neighborhood followed expected patterns. As interest rates remained relatively low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates held steady at around 74%. The increase to 77% homeownership by 2022 occurred despite a rise in interest rates to 1.68%, suggesting strong local demand for housing.
Renter percentages in the Northeast neighborhood decreased slightly from 25% in 2013 to 23% in 2022. Average rent prices showed some volatility, starting at $1,339 in 2013, peaking at $1,480 in 2020, and settling at $1,438 in 2022. This represents a 7.4% increase in average rent from 2013 to 2022, a more modest growth compared to home prices. The neighborhood's population grew from 6,810 in 2013 to 6,841 in 2022, potentially influencing housing demand and rent fluctuations.
Recent data shows that average home prices in the Northeast neighborhood continued to rise, reaching $556,450 in 2023 and $596,210 in 2024, a significant 12.6% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership rates and property values.
Predictive models forecast that average home prices in the Northeast neighborhood will continue to appreciate, potentially reaching around $700,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are expected to follow a similar, though less steep, upward trajectory, potentially reaching approximately $1,600 by 2029. These projections assume continued demand for housing in the area and stable economic conditions.
In summary, the Northeast neighborhood of Wheaton has demonstrated resilience and growth in its housing market. The area has maintained a high rate of homeownership while experiencing substantial appreciation in property values. Despite rising interest rates, the demand for housing in this neighborhood appears strong, as evidenced by the continued increase in average home prices. The rental market, while showing more modest growth, remains an important component of the local housing ecosystem. These trends suggest that the Northeast neighborhood will likely continue to be an attractive area for both homeowners and investors in the coming years.
