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Wenona, Illinois: Rising Home Values Amid Declining 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
Wenona, located in Illinois, is a small urban community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Wenona has shown a gradual decline from 2013 to 2022. In 2013, 79% of residents were homeowners, but by 2022, this figure had decreased to 70%. Concurrently, average home prices have demonstrated a steady upward trend. In 2012, the average home price was $66,402, rising to $96,147 by 2022, representing a significant increase of 44.8% over this period.
The relationship between federal interest rates and homeownership rates in Wenona aligns with well-established economic principles. As interest rates remained low between 2013 and 2020, ranging from 0.09% to 0.38%, homeownership rates initially remained stable. However, despite these low rates, homeownership began to decline from 2015 onwards, suggesting that other local factors were influencing the housing market.
The percentage of renters in Wenona has increased from 21% in 2013 to 30% in 2022, inversely mirroring the decline in homeownership. Average rent prices have shown volatility over this period. In 2013, the average rent was $712, peaking at $784 in 2016 before declining to $564 in 2019. By 2022, average rent had rebounded to $723, representing a modest 1.5% increase from 2013 levels.
In 2023, average home prices in Wenona reached $101,210, and as of 2024, they have further increased to $104,774. This continued upward trajectory occurs despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the local housing market appears to be maintaining its growth momentum.
Looking ahead, predictive models suggest that average home prices in Wenona are likely to continue their upward trend over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, driven by the growing renter population and overall housing demand.
In summary, Wenona's real estate market has been characterized by declining homeownership rates, steadily increasing average home prices, and fluctuating rent prices over the past decade. The resilience of home prices in the face of rising interest rates suggests a strong local demand for housing. As the city moves forward, it will likely see a continued shift in its housing dynamics, with a growing renter population and evolving property values shaping its residential landscape.
