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Wellington, Illinois: Fluctuating Home Values and Ownership Rates in a Small Community
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
Wellington, located in Illinois, is a small community with a population that has fluctuated between 495 and 642 residents over the past decade. This charming village has experienced notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local market dynamics. The homeownership rate in Wellington has shown considerable variability over the years. In 2013, the village boasted a high 75% homeownership rate. This figure fluctuated in subsequent years, dropping to 63% in 2014 before rising again to 84% in 2019, the highest recorded rate in the available data. By 2022, the homeownership rate settled at 77%. Interestingly, these changes in homeownership rates do not appear to correlate directly with average home prices, as limited data is available for most years. However, the average home price in 2022 was $95,138, indicating a relatively affordable housing market compared to many other areas.
Federal interest rates have historically influenced homeownership rates, with lower rates generally encouraging home buying due to more affordable mortgage options. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 2.16%. This low-interest environment likely contributed to the relatively high homeownership rates observed in Wellington during this time. However, the relationship is not always straightforward, as local economic factors and housing supply also play significant roles.
Renter percentages in Wellington have inversely mirrored homeownership rates, ranging from a low of 16% in 2019 to a high of 37% in 2014. Average rent prices have fluctuated over the years, with the highest recorded average rent of $913 in 2013 and the lowest of $629 in 2016. By 2022, the average rent had increased to $779. These fluctuations in rent prices and renter percentages may be influenced by factors such as local job markets, housing availability, and overall economic conditions in the region.
In 2023 and 2024, Wellington experienced a slight increase in average home prices. The average home price rose to $98,526 in 2023 and then slightly decreased to $93,393 in 2024. This occurred against a backdrop of significantly higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the village.
Looking ahead, predictive models suggest that average home prices in Wellington may continue to experience modest fluctuations. Based on recent trends, average home prices could potentially range between $90,000 and $105,000 over the next five years. Average rent prices are projected to follow a similar pattern of gradual increases, potentially reaching $800-$850 per month by 2029. However, these predictions are subject to various economic factors and local market conditions.
In summary, Wellington has demonstrated resilience in maintaining relatively high homeownership rates despite fluctuations in housing costs and economic conditions. The interplay between homeownership rates, rent prices, and federal interest rates highlights the complex dynamics of the local housing market. As the village moves forward, balancing affordable housing options with changing economic conditions will be crucial for maintaining its community character and attracting new residents.
