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Toledo, Illinois: Rising Home Values Amidst Stable Ownership Rates
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
Toledo, located in Illinois, is a small community with a population that has fluctuated around 1,200 residents over the past decade. The village has maintained a consistent majority of homeowners, with ownership rates ranging from 72% to 77%. Average home prices have shown a general upward trend, while average rent prices have experienced significant increases in recent years.
The homeownership rate in Toledo has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 77%, which dipped to 72% in 2017 before rising back to 76% in 2022. During this same period, average home prices showed a steady increase. In 2013, the average home price was $79,714, which rose to $119,181 by 2022, representing a 49.5% increase over nine years. This trend suggests that despite rising home prices, Toledo residents have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), homeownership rates in Toledo remained high, ranging from 73% to 77%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight decrease in homeownership, with rates hovering around 72-74%. However, the community's overall high homeownership rate suggests that other factors, such as local economic conditions and community preferences, may have a stronger influence on homeownership in Toledo than national interest rate trends.
The percentage of renters in Toledo has shown minor fluctuations, ranging from 23% to 28% between 2013 and 2022. Average rent prices have seen a substantial increase during this period. In 2013, the average rent was $532, which rose to $736 by 2022, a 38.3% increase. This rise in rent prices outpaced inflation and occurred despite relatively stable renter percentages, suggesting increased demand for rental properties or improvements in the quality of available rentals.
In 2023, the average home price in Toledo reached $124,258, the highest recorded in the dataset, with federal interest rates at 5.02%. As of 2024, the average home price has slightly decreased to $123,508, while interest rates have further increased to 5.33%. This recent data indicates a potential cooling in the housing market, possibly influenced by the higher interest rates making mortgages more expensive for potential buyers.
Looking ahead, predictive models suggest that average home prices in Toledo may continue to rise moderately over the next five years, albeit at a slower pace than observed in the past decade. This forecast takes into account the current higher interest rate environment, which could temper rapid price growth. Average rent prices are also expected to continue their upward trend, potentially outpacing inflation, driven by ongoing demand for rental properties in the area.
In summary, Toledo has maintained a strong homeownership culture despite rising home prices. The community has shown resilience in homeownership rates even as both home prices and rent costs have increased significantly. The recent slight decrease in average home prices, coupled with rising interest rates, suggests a potential shift in the local housing market dynamics. These trends underscore the importance of monitoring both ownership and rental markets in understanding the overall housing landscape of Toledo.
