Lowpoint, situated in zip code 61545 in Illinois, is a small rural community that has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, along with fluctuations in average home prices and rent costs. The ownership percentage in Lowpoint has shown a remarkable upward trend, rising from 83% in 2013 to 94% in 2022. This increase in homeownership coincided with a general upward trend in average home prices. The average home price rose from $130,016 in 2018 to $176,827 in 2022, representing a 36% increase over four years. This trend suggests that despite rising home prices, residents in the area were increasingly able and willing to purchase homes.

The relationship between federal interest rates and homeownership rates in Lowpoint presents an interesting case. Despite the general economic principle that lower interest rates encourage homeownership, this area saw its highest increase in ownership percentage during a period of rising interest rates. From 2016 to 2022, as interest rates climbed from 0.4% to 1.68%, homeownership in the zip code increased from 87% to 94%. This suggests that local factors may have had a stronger influence on homeownership than national interest rate trends.

Conversely, the percentage of renters in Lowpoint has decreased substantially, dropping from 17% in 2013 to just 6% in 2022. This decline in renters occurred despite fluctuations in average rent prices. The average rent peaked at $920 in 2014 before gradually decreasing to $807 in 2022. The declining renter population, coupled with decreasing rent prices, could indicate a shift in local housing preferences or economic conditions favoring homeownership.