Loading Content...
Zip Code 62340: Griggsville's Shifting Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Griggsville, located in zip code 62340 in Illinois, has experienced significant changes in its housing market over the past decade. This analysis examines the interplay between homeownership rates, average home prices, and rent prices in this small community.
The homeownership rate in Griggsville has shown a declining trend from 2013 to 2022. In 2013, the homeownership rate was 81%, which gradually decreased to 64% by 2022. This 17 percentage point drop over nine years indicates a substantial shift in local housing market dynamics. The average home price in 2023 was $91,507, providing a snapshot of the current housing market value.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. Despite these favorable borrowing conditions, Griggsville experienced a decline in homeownership. This suggests that local factors, such as economic conditions or demographic shifts, may have had a more significant impact on homeownership rates than interest rates alone.
As homeownership declined, the percentage of renters in Griggsville increased from 19% in 2013 to 36% in 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $552, which peaked at $874 in 2017 before declining to $478 in 2022. This represents a 45.3% decrease in average rent prices from the 2017 peak to 2022. The fluctuation in rent prices does not appear to have a direct correlation with the increasing renter population, suggesting that other factors may be influencing both trends independently.
Recent data shows that the average home price in Griggsville increased from $91,507 in 2023 to $94,342 in 2024, representing a 3.1% increase over one year. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting borrowing costs for potential homebuyers.
Predictive models forecast that average home prices in Griggsville may continue to rise moderately, potentially reaching around $105,000 by 2029. This projection assumes relatively stable economic conditions. For rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching an average of $525 per month by 2029, considering the recent downward trend and potential market corrections.
In conclusion, Griggsville has experienced a notable shift from homeownership to renting over the past decade, despite periods of low interest rates. Average rent prices have shown significant volatility, while recent data indicates a moderate increase in average home prices. The community appears to be in a state of transition, with changing housing preferences and market dynamics shaping its residential landscape.
