Loading Content...
Rolling Meadows: Stable Homeownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rolling Meadows, Illinois, a vibrant city in Cook County, has maintained a stable housing market over the past decade despite significant increases in property values. Known for its diverse community and thriving business environment, this suburban haven has experienced notable shifts in homeownership rates, average home prices, and average rent prices. The city has maintained a relatively stable homeownership rate of around 70%, while both average home prices and average rent prices have shown an overall upward trend.
The homeownership rate in Rolling Meadows has remained relatively steady, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 71%, and by 2022, it had decreased slightly to 68%. During this period, average home prices in the city demonstrated a significant upward trend. In 2013, the average home price was $162,310, and by 2022, it had risen to $271,801, representing a substantial increase of 67.5% over nine years. This trend suggests that despite rising home prices, Rolling Meadows has managed to maintain a relatively high rate of homeownership.
Federal interest rates have played a role in shaping homeownership trends in Rolling Meadows. From 2013 to 2016, interest rates remained historically low, ranging from 0.11% to 0.40%. During this period, the homeownership rate in Rolling Meadows remained relatively stable, fluctuating between 69% and 71%. As interest rates began to rise more significantly from 2017 to 2019, reaching 2.16% in 2019, there was a slight decrease in homeownership, dropping to 68% in 2018. However, the city's homeownership rate has shown resilience, rebounding to 69% in 2020 and 2021, even as interest rates fluctuated.
The renter population in Rolling Meadows has experienced a modest increase over the years, with the percentage of renters rising from 29% in 2013 to 32% in 2022. This trend has been accompanied by a steady increase in average rent prices. In 2013, the average rent in Rolling Meadows was $1,422, and by 2022, it had risen to $1,539, representing an 8.2% increase over nine years. The city's growing population, which increased from 37,430 in 2013 to 40,947 in 2022, may have contributed to the rising demand for rental properties and the subsequent increase in rent prices.
In 2023 and 2024, Rolling Meadows has continued to see growth in average home prices. The average home price in 2023 was $284,610, and in 2024, it further increased to $304,316. This represents a significant 11.9% increase in just two years. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers, potentially impacting future homeownership rates in the city.
Looking ahead, predictive models suggest that Rolling Meadows will likely continue to see growth in both average home prices and average rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $350,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $1,700-$1,800 per month by 2029. These projections are based on historical trends and current economic indicators.
In summary, Rolling Meadows has demonstrated a resilient housing market characterized by relatively stable homeownership rates despite rising home prices. The city has experienced significant growth in average home values, with a 67.5% increase from 2013 to 2022. While the renter population has slightly increased, accompanied by moderate growth in average rent prices, the city has maintained a strong majority of homeowners. The recent surge in interest rates and continued rise in home prices may present challenges for future homebuyers, but Rolling Meadows' housing market appears poised for continued growth in the coming years.
