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Zip Code 62047: Rising Home Values and Ownership Trends in Rural Hardin, 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
Hardin, located in zip code 62047 in Illinois, has experienced significant fluctuations in its housing market and population over the past decade. This small community, nestled along the Illinois River, has seen interesting shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Hardin has shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 76%, which increased to 84% by 2021, before settling at 75% in 2022. This overall increase in homeownership coincided with changes in average home prices. The average home price in 2021 was $128,829, slightly decreasing to $127,744 in 2022.
The relationship between federal interest rates and homeownership rates in Hardin aligns with well-established trends. The low interest rates from 2013 to 2021 (ranging from 0.09% to 0.38%) corresponded with the general increase in homeownership rates during this period. The sharp rise in interest rates to 1.68% in 2022 coincided with a drop in homeownership from 84% to 75%, illustrating how higher interest rates can make home financing less affordable and potentially discourage homeownership.
Renter percentages in Hardin have generally decreased over the observed period, from 23% in 2013 to 16% in 2021, before increasing to 25% in 2022. Average rent prices have shown volatility. The average rent was $405 in 2013, decreased to $335 in 2017, and then rose significantly to $574 in 2020 and 2022. This increase in rent prices, particularly from 2020 to 2022, occurred despite a decreasing population, which dropped from 1,233 in 2013 to 884 in 2022. This suggests that factors beyond population changes, such as local economic conditions or housing supply constraints, may be influencing rent prices.
Looking at the most recent data, the average home price in Hardin increased to $133,243 in 2023 and further to $135,199 in 2024. This upward trend in home prices is occurring despite the high federal interest rates of 5.02% in 2023 and 5.33% in 2024. These rising home prices, coupled with high interest rates, could potentially impact affordability and future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued moderate growth in average home prices in Hardin. If the current trajectory continues, average home prices could potentially reach around $145,000 to $150,000 by 2029. For rent prices, the volatile nature of recent trends makes predictions less certain, but if the upward pressure persists, we might see average rents stabilize or slightly increase, potentially reaching $600 to $650 per month by 2029.
In summary, Hardin has experienced a complex interplay of changing homeownership rates, fluctuating rent prices, and gradually increasing home values. The community has shown resilience in maintaining relatively high homeownership rates despite population decline and economic challenges. The recent increases in both home prices and interest rates will likely play a significant role in shaping the future housing landscape of this Illinois village.
