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Wyoming, Illinois: Stable Homeownership Amidst Rising Home Values
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
Wyoming, Illinois, a small community with a population of 2,096 residents in 2022, has demonstrated resilience in its housing market over the past decade. The city has maintained a consistently high rate of homeownership, averaging around 80%, while experiencing a general upward trend in average home prices. This analysis examines the housing market dynamics in Wyoming from 2012 to 2024, focusing on homeownership rates, home prices, and rental trends.
The homeownership rate in Wyoming has remained relatively stable, fluctuating between 78% and 83% throughout the 2010s. Starting at 79% in 2013, it increased to 82% by 2015, reached a peak of 83% in 2021, before settling at 78% in 2022. Concurrently, average home prices have shown an overall upward trajectory. In 2012, the average home price was $70,403, which rose to $77,182 by 2015. After a brief dip to $71,650 in 2019, prices surged to $92,785 in 2022, representing a substantial 31.7% increase over the decade.
The relationship between federal interest rates and homeownership rates in Wyoming appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2012 and 2015 (ranging from 0.09% to 0.14%), the city's homeownership rate increased from 79% to 82%. As interest rates began to rise more significantly from 2016 onwards, the homeownership rate showed some fluctuation but remained relatively high.
Renter percentages in Wyoming have inversely mirrored the homeownership trends, ranging from 17% to 23% over the past decade. Average rent prices have shown some volatility. In 2013, the average rent was $571, which increased to $607 in 2014. However, there was a significant drop to $458 in 2017, followed by a recovery to $583 in 2019. By 2022, the average rent had increased to $651, representing a 14% increase from 2013. These fluctuations in rent prices and renter percentages may be influenced by the city's changing population, which saw both increases and decreases during this period.
In 2023, the average home price in Wyoming reached $97,861, marking a 5.5% increase from 2022. This coincided with a federal interest rate of 5.02%. Moving into 2024, the average home price slightly decreased to $93,923, while the federal interest rate increased to 5.33%. This recent data suggests a potential cooling in the housing market, possibly influenced by the rising interest rates.
Looking ahead, based on the historical trends and recent data, it's projected that average home prices in Wyoming may continue to experience moderate growth over the next five years, potentially reaching around $105,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $700 by 2029. However, these projections may be influenced by various factors including interest rates, local economic conditions, and population changes.
In summary, Wyoming has maintained a strong homeownership rate despite fluctuations in population and economic indicators. The city has seen a significant increase in average home prices over the past decade, particularly since 2020. Rent prices, while more volatile, have also shown an overall upward trend. The recent slight decrease in home prices coupled with rising interest rates suggests a potential shift in the market dynamics, which will be important to monitor in the coming years.
