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Zip Code 61065: Rising Home Values and High Ownership Rates in Poplar Grove, Illinois
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
Poplar Grove, situated in zip code 61065 in Illinois, has witnessed significant changes in homeownership rates and property values over the past decade. This small community's real estate landscape has evolved, reflecting broader economic trends and local market dynamics. The homeownership rate in Poplar Grove has demonstrated remarkable stability over the years, with a slight upward trend recently. In 2013, the homeownership rate was 88%, and it remained relatively consistent until 2022 when it reached an impressive 95%. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $108,433, which steadily increased to $219,706 by 2022, representing a 102.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Poplar Grove appears to follow the well-established trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate in the village remained high at 84% and 86%. The slight dip in homeownership in 2020 to 84% may be attributed to other economic factors related to the global pandemic.
Renter percentages in Poplar Grove have fluctuated over the years, generally showing an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 11%, which increased to 16% in 2017 before dropping to just 5% in 2022. Average rent prices, however, have shown a general upward trend. In 2013, the average rent was $1,333, which increased to $1,418 by 2022, representing a 6.4% increase over nine years. It's worth noting that despite the population growth from 9,508 in 2013 to 9,586 in 2022, the percentage of renters decreased significantly, suggesting a strong shift towards homeownership in the community.
As of 2024, the average home price in Poplar Grove has reached $240,546, continuing the upward trend observed in previous years. This represents a 9.5% increase from the 2022 average of $219,706. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 1.68% in 2022, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Poplar Grove are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by overall property value appreciation and potential shifts in housing demand.
In summary, Poplar Grove has experienced a significant increase in homeownership rates, reaching 95% in 2022, alongside substantial growth in average home prices. The community has shown resilience in maintaining high homeownership rates despite fluctuations in federal interest rates. The dramatic decrease in the percentage of renters, coupled with moderate increases in average rent prices, suggests a strong preference for homeownership in this Illinois village.
