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Wataga's Average Home Values and Ownership Trends: A Decade of Changes
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
Wataga, located in Illinois, is a small community that has experienced notable demographic and housing market shifts over the past decade. The village has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
Homeownership in Wataga has shown a declining trend over recent years. In 2015, the homeownership rate peaked at 81%, but by 2022, it had decreased to 71%. This 10 percentage point drop coincides with changes in average home prices. The average home price in 2021 was $101,291, slightly decreasing to $100,877 in 2022. This slight decline in home prices, however, did not appear to stimulate an increase in homeownership rates.
The relationship between federal interest rates and homeownership rates in Wataga aligns with well-established economic principles. As interest rates remained historically low from 2015 to 2020, hovering between 0.08% and 1.83%, homeownership rates in the village remained relatively stable, staying above 70%. However, as interest rates began to rise sharply in 2022 to 1.68%, we see a corresponding decline in homeownership rates from 74% in 2020 to 71% in 2022.
Renter percentages in Wataga have shown an inverse relationship to homeownership rates, naturally increasing as homeownership declined. The percentage of renters rose from 19% in 2015 to 29% in 2022. Interestingly, average rent prices have not shown a consistent upward trend despite the increase in renter population. In 2013, the average rent was $633, which decreased to $520 in 2016 before rising again to $648 in 2022. This fluctuation in rent prices could be attributed to various factors, including changes in housing supply and local economic conditions.
Moving to more recent data, in 2023, the average home price in Wataga slightly decreased to $100,481. However, 2024 saw a significant jump to $109,981, marking a 9.5% increase from the previous year. This rise in home prices coincides with high federal interest rates, which stood at 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates, coupled with rising home prices, may present challenges for potential homebuyers in the near future.
Looking ahead, applying predictive models based on recent trends suggests that average home prices in Wataga may continue to rise moderately over the next five years, potentially reaching around $120,000 by 2029. Rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Wataga has experienced a gradual shift towards a higher percentage of renters, with homeownership rates declining over the past decade. Recent sharp increases in both home prices and interest rates may further impact this trend. The village's housing market demonstrates the complex interplay between ownership rates, housing prices, and broader economic indicators, reflecting both local dynamics and national economic trends.
