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Xenia, Illinois: Homeownership Surges Amidst Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Xenia, located in Illinois, is a small community that has experienced significant demographic and housing market changes over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in Xenia, revealing interesting patterns in the local real estate market. The homeownership rate in Xenia has shown notable fluctuations over the years. In 2013, the homeownership rate stood at 91%. It experienced a slight decline to 85% by 2019, before rebounding significantly to 95% in 2022. This trend coincides with changes in average home prices. The average home price in Xenia increased from $84,031 in 2016 to $106,351 in 2022, representing a 26.6% increase over six years.
Federal interest rates have played a role in shaping homeownership trends in Xenia. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 90%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was initially a decrease in homeownership to 85% in 2019. However, despite rising interest rates, homeownership rebounded strongly to 95% by 2022, suggesting other local factors may have influenced this trend.
The rental market in Xenia has also seen significant changes. The percentage of renters increased from 9% in 2013 to 15% in 2019, before decreasing to 5% in 2022. Average rent prices have shown an overall upward trend, rising from $429 in 2013 to $650 in 2022, a 51.5% increase. This rise in rent prices occurred despite a decline in the village's population from 1,696 in 2013 to 1,384 in 2022, suggesting that other economic factors may be influencing rental costs.
In 2023 and 2024, Xenia's housing market continued to evolve. The average home price reached $108,699 in 2023, showing continued growth. However, there was a slight decrease to $108,096 in 2024, indicating a potential stabilization in the market. Federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may influence future homeownership trends and housing affordability in the village.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Xenia may continue to rise moderately over the next five years, potentially reaching around $115,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Xenia has experienced a resurgence in homeownership rates despite rising home prices and interest rates. The rental market has seen significant price increases even as the renter population has decreased. These trends suggest a complex interplay of local economic factors and broader market forces shaping the real estate landscape in this small Illinois community.
