Loading Content...
West Park, Aurora: Rising Home Values and Ownership Rates Amid Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Park, a neighborhood in Aurora, Illinois, has experienced significant changes in homeownership and housing prices over the past decade. The percentage of owner-occupied homes increased from 56% in 2013 to 71% in 2022, while average home prices showed a substantial upward trend. Rent prices also steadily increased during this period.
The relationship between homeownership rates and average home prices in West Park reveals an interesting trend. In 2013, when the homeownership rate was 56%, the average home price was $69,448. As homeownership increased to 60% in 2017, average home prices rose to $129,706. This upward trend continued, with homeownership reaching 71% in 2022 and average home prices climbing to $195,448. This suggests a positive correlation between increasing homeownership rates and rising home values in the neighborhood.
Federal interest rates have played a significant role in shaping homeownership trends in West Park. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 55-58%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership in West Park actually increased to 71%. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates in this particular neighborhood.
Renter percentages and average rent prices in West Park have shown an inverse relationship to homeownership trends. As the percentage of renters decreased from 44% in 2013 to 29% in 2022, average rent prices increased from $1,022 to $1,417 during the same period. This trend could be attributed to a shrinking rental market, potentially driving up prices for the remaining rental units. The neighborhood's population has also decreased from 4,780 in 2013 to 3,357 in 2022, which may have impacted the rental market dynamics.
In 2023 and 2024, West Park has continued to see growth in average home prices. The average home price in 2023 was $208,423, and it further increased to $226,359 in 2024. This represents a significant jump from the 2022 average of $195,448. Notably, federal interest rates have also risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the observed trends, we can forecast that average home prices in West Park may continue to rise over the next five years, potentially reaching around $275,000 by 2029. Average rent prices could also see continued growth, possibly surpassing $1,700 by 2029. However, these projections assume that current trends persist and do not account for potential economic shifts or local policy changes.
In summary, West Park has experienced a significant increase in homeownership rates and average home prices over the past decade, despite rising interest rates. The rental market has simultaneously seen decreasing occupancy but increasing average rents. These trends, combined with the neighborhood's declining population, paint a picture of a changing urban landscape with potential implications for housing affordability and community dynamics in the coming years.
