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Rising Home Values and Strong Ownership in Heritage, Moline: A Decade of Housing Market Resilience
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
Heritage is a vibrant neighborhood located in Moline, Illinois. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The neighborhood has generally maintained a strong majority of owner-occupied homes, with ownership percentages ranging from 64% to 73%. Average home prices have shown an overall upward trend, while average rent prices have fluctuated but generally increased over time.
The relationship between homeownership rates and average home prices in Heritage presents an interesting dynamic. In 2013, the homeownership rate was 67%, with an average home price of $110,784. As home prices steadily increased, reaching $135,713 in 2020, the homeownership rate also rose to 68%. This trend continued, with 2022 seeing a significant jump in homeownership to 73%, coinciding with an average home price of $156,951. This suggests that rising home values did not deter homeownership in the neighborhood, possibly indicating strong local economic conditions or attractive investment opportunities for residents.
Federal interest rates have played a role in shaping homeownership trends in Heritage. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This favorable borrowing environment likely contributed to the sustained high levels of homeownership in the neighborhood. The slight increase in homeownership from 68% in 2020 to 73% in 2022 occurred despite a rise in interest rates to 1.68% in 2022, suggesting other factors such as local economic conditions or housing market dynamics may have influenced this trend.
Renter percentages and average rent prices in Heritage have shown some correlation over the years. In 2013, with 33% of residents renting, the average rent was $768. As the renter percentage increased slightly to 36% in 2017, average rent rose to $883. However, by 2022, the renter percentage decreased to 27%, while average rent dropped to $768, matching the 2013 level. This inverse relationship between renter percentage and rent prices in recent years could indicate an oversupply of rental properties or changes in the local rental market dynamics.
In 2023 and 2024, Heritage continued to see growth in average home prices. The average home price reached $161,472 in 2023 and further increased to $166,448 in 2024. This represents a steady appreciation in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in the Heritage neighborhood.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Heritage are likely to continue their upward trajectory over the next five years. Assuming a similar rate of appreciation as seen in recent years, average home prices could potentially reach around $190,000 to $200,000 by 2029. Rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching an average of $1,000 to $1,100 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Heritage has demonstrated resilience in its housing market, with steadily increasing home values and a strong preference for homeownership among residents. The neighborhood has maintained high owner-occupancy rates despite rising home prices and recent increases in interest rates. The rental market has shown more variability, with recent trends suggesting a potential shift towards more affordable rent prices. As Heritage continues to evolve, it remains an attractive area for both homeowners and investors, with positive indicators for future property value appreciation.
