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Waynesville: A Decade of Rising Home Ownership Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Waynesville, located in Illinois, is a small community with a rich history and evolving demographic landscape. Over the past decade, this village has experienced significant fluctuations in homeownership rates and population, with a general trend towards increased owner-occupancy in recent years. The average home prices and rent have remained relatively stable, with some notable changes in the most recent years.
The homeownership rate in Waynesville has shown a remarkable upward trend, particularly from 2017 to 2022. In 2017, the owner-occupancy rate was 77%, but it rose dramatically to 96% by 2022. This substantial increase in homeownership coincided with a period of historically low federal interest rates. From 2017 to 2020, interest rates remained below 2.16%, which likely contributed to the surge in homeownership. The low-interest environment made mortgages more affordable, encouraging renters to transition to homeownership.
As homeownership rates climbed, the percentage of renters in Waynesville decreased correspondingly. In 2017, renters made up 23% of the population, but by 2022, this figure had dropped to just 4%. The average rent price remained constant at $724 from 2015 to 2022, which might have influenced some renters to consider homeownership as a more attractive option, especially given the low interest rates during this period.
The population of Waynesville has experienced fluctuations, with a general downward trend from 940 residents in 2010 to 671 in 2022. Despite this population decrease, the homeownership rate continued to rise, suggesting that long-term residents may have been transitioning from renting to owning, or that new homeowners were moving into the area as renters left.
Looking at the most recent data from 2023 and 2024, we see that average home prices in Waynesville have stabilized around $99,600. Specifically, the average home price in 2023 was $99,599, with a slight increase to $99,620 in 2024. This stability in home prices comes at a time when federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends, potentially slowing the rate of increase seen in previous years.
Applying predictive models to forecast the next five years, we can anticipate that average home prices in Waynesville may experience modest growth, potentially reaching around $102,000 by 2029 if current trends continue. However, this growth may be tempered by the higher interest rate environment. Average rent prices, which have been stable for several years, might see slight increases to keep pace with inflation, potentially reaching around $750 per month by 2029.
In summary, Waynesville has seen a significant shift towards homeownership over the past decade, with owner-occupancy rates reaching as high as 96% in recent years. This trend was likely fueled by a combination of low interest rates and stable home prices. However, the recent spike in interest rates may impact future homeownership trends. The village's housing market appears to be characterized by stability in both home prices and rent, with only modest changes expected in the coming years.
