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Average Home Values and Ownership in Chicago's Zip Code 60613: A Decade of Change Near Wrigley Field
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
Zip code 60613, located in Chicago, Illinois, is a vibrant urban area known for its proximity to Wrigley Field, home of the Chicago Cubs. This neighborhood has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased renting and rising property values.
The homeownership rate in zip code 60613 has shown a slight downward trend from 2013 to 2022. In 2013, 41% of residents owned their homes, while by 2022, this figure had decreased to 37%. During this same period, average home prices in the area experienced overall growth, albeit with some fluctuations. In 2013, the average home price was $229,995, and by 2022, it had risen to $292,685, representing a 27.3% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.40%, which coincided with a period of relatively stable homeownership rates in the zip code, hovering around 38-41%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decrease in homeownership, dropping to 39% by 2019 and remaining at that level through 2021.
The percentage of renters in zip code 60613 has shown a corresponding upward trend, increasing from 59% in 2013 to 63% in 2022. This shift towards renting aligns with the rise in average rent prices. In 2013, the average rent was $1,323, and it steadily increased to $1,468 by 2022, representing an 11% increase over the period. The growing renter population, coupled with the area's increasing population density (from 25,599 people per square mile in 2013 to 26,316 in 2022), has likely contributed to the upward pressure on rent prices.
In 2023 and 2024, we see a continuation of these trends. The average home price in 2023 was $290,087, showing a slight dip from 2022, but rebounded to $300,525 in 2024, marking a new high for the area. Interestingly, this occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, possibly driven by other economic factors or the desirability of the neighborhood.
Looking ahead to the next five years, based on the observed trends, we can expect average home prices in zip code 60613 to continue their upward trajectory, potentially reaching around $325,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,600 per month within the same timeframe. However, these projections assume relatively stable economic conditions and do not account for potential major market disruptions.
In summary, zip code 60613 has demonstrated a shift towards a renter-majority population, with homeownership rates declining slightly over the past decade. Despite this, both average home prices and rent prices have shown consistent growth, reflecting the area's desirability and strong housing demand. The resilience of the housing market in the face of rising interest rates suggests that local factors play a significant role in shaping the real estate landscape of this Chicago neighborhood.
