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Youngston/Holiday Hill: Rising Home Values and Strong Ownership in Springfield's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Youngston/Holiday Hill, a neighborhood in Springfield, Illinois, has demonstrated remarkable stability in homeownership rates while experiencing significant growth in average home values over the past decade. This analysis examines the trends in homeownership, home prices, and rental market dynamics from 2013 to 2024, highlighting the area's resilience in the face of changing economic conditions. The homeownership rate in Youngston/Holiday Hill has remained consistently high, maintaining a level of around 83-84% throughout most of the observed period. In 2013, the homeownership rate stood at 84%, and by 2022, it remained steady at 84%. This stability in homeownership has occurred alongside a general upward trend in average home prices. From 2013 to 2022, average home prices in the neighborhood increased from $146,909 to $178,879, representing a substantial 21.8% growth over nine years. Federal interest rates have played a significant role in shaping homeownership trends in the area. Between 2013 and 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained steady at around 83-85%. As interest rates began to rise more substantially from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership, reaching a low of 80% in 2019. However, the neighborhood quickly rebounded, with homeownership returning to 84% by 2022, despite continued increases in interest rates.
The rental market in Youngston/Holiday Hill has shown interesting dynamics during this period. Renter percentages have remained relatively low, fluctuating between 15% and 20% from 2013 to 2022. However, average rent prices have exhibited significant volatility. In 2013, the average rent was $718, which rose dramatically to $1,472 by 2019, marking a 105% increase. The year 2020 saw a sharp decline in average rent to $1,091, possibly due to the economic impacts of the COVID-19 pandemic. By 2022, average rent had slightly increased to $1,106. These substantial fluctuations in rent prices occurred despite relatively stable renter percentages, suggesting that factors such as overall market conditions and housing supply may have had a greater influence on rent prices than demand from renters. The neighborhood continued to see growth in average home prices in recent years. In 2023, the average home price reached $180,145, further increasing to $184,077 in 2024. This represents a 2.9% year-over-year growth, occurring despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, significantly higher than rates seen in the previous decade. Based on historical trends and current market conditions, projections suggest that average home prices in Youngston/Holiday Hill will continue to rise moderately over the next five years. Assuming a conservative annual growth rate of 2-3%, average home prices could reach approximately $205,000 to $215,000 by 2029. Predictions for rent prices are less certain due to their historical volatility. However, if the market stabilizes, average rents might be expected to increase gradually, potentially reaching $1,200 to $1,300 per month by 2029. In conclusion, Youngston/Holiday Hill has demonstrated remarkable resilience in maintaining high homeownership rates despite fluctuations in the housing market and interest rates. The neighborhood has experienced steady growth in average home prices, while rent prices have shown more volatility. The area's ability to maintain strong homeownership levels, even in the face of rising interest rates, indicates a robust and desirable housing market that is likely to continue attracting both homeowners and investors in the coming years. This stability and growth potential make Youngston/Holiday Hill an attractive neighborhood for those seeking long-term residential investments in Springfield, Illinois.
