Loading Content...
Round Lake, Illinois: Rising Home Values and Stable Ownership in a Growing Suburban Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Round Lake, located in Illinois, is a growing suburban community situated approximately 45 miles northwest of Chicago. The city has experienced significant population growth and housing market changes over the past decade, with homeownership rates and average home prices showing interesting trends. Homeownership in Round Lake has remained relatively stable, with a slight fluctuation between 76% and 80% from 2013 to 2022. The average home prices have shown a consistent upward trend during this period. In 2013, the average home price was $140,284, which increased to $261,364 by 2022, representing an impressive 86% growth over nine years.
The relationship between federal interest rates and homeownership rates in Round Lake appears to follow the general trend observed nationally. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained steady at around 77-78%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates actually increased slightly to 80%, possibly due to residents rushing to purchase homes before rates climbed further.
Renter percentages in Round Lake have remained relatively low, fluctuating between 20% and 24% from 2013 to 2022. The average rent prices have shown a general upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $1,603, which increased to $1,660 by 2022, representing a modest 3.6% growth over nine years. The population growth from 17,446 in 2013 to 17,919 in 2022 may have contributed to the overall increase in rent prices due to higher demand for rental properties.
In 2023, the average home price in Round Lake reached $274,678, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $289,472, while interest rates climbed to 5.33%. These figures indicate a continuing upward trend in home prices despite rising interest rates, suggesting strong demand in the local housing market.
Looking ahead, predictive models forecast a continued increase in both average home and rent prices over the next five years. Average home prices are expected to surpass the $300,000 mark within the next two years, potentially reaching $350,000 by 2029. Average rent prices are projected to increase at a more moderate pace, potentially reaching $1,900 by 2029.
In summary, Round Lake has demonstrated a robust and growing housing market over the past decade. The city has maintained high homeownership rates despite fluctuations in interest rates, while experiencing significant appreciation in average home values. The rental market has shown more modest growth, but remains an important component of the local housing landscape. As the community continues to grow, both homeowners and renters can expect to see further increases in housing costs in the coming years.
