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Average Home Values and Ownership in Zip Code 60045: Lake Forest's Resilient Real Estate Market
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 60045, situated in Lake Forest, Illinois, is a suburban area characterized by its affluent neighborhoods and picturesque lakeside setting. This community has experienced notable shifts in homeownership rates and property values over the past decade, with distinct trends in average home prices and rent costs. The homeownership rate in zip code 60045 has remained relatively stable, with a slight decline from 88% in 2013 to 86% in 2022. This high rate of homeownership is indicative of a well-established, affluent community. During this period, average home prices fluctuated significantly. In 2013, the average home price was $772,391, which rose to a peak of $854,838 in 2015. However, prices then experienced a gradual decline, reaching $745,851 in 2020. Interestingly, despite the slight decrease in homeownership, average home prices rebounded strongly, climbing to $942,931 by 2022, representing a 26.4% increase from the 2020 low.
The relationship between federal interest rates and homeownership rates in zip code 60045 appears to be less pronounced than in many other areas. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates remained relatively constant. This suggests that other factors, such as the area's affluence and desirability, may have a stronger influence on homeownership in this particular zip code.
Renter percentages in zip code 60045 have shown a gradual increase from 11% in 2013 to 14% in 2022. This modest rise in renters coincides with a significant increase in average rent prices. In 2013, the average rent was $1,817, which rose to $2,338 by 2022, representing a 28.7% increase over nine years. The population has remained relatively stable during this period, growing slightly from 20,859 in 2013 to 21,295 in 2022. This combination of stable population and rising rent prices suggests a growing demand for rental properties in the area, possibly driven by factors such as changing demographics or an influx of higher-income renters.
As of 2024, the average home price in zip code 60045 has reached $1,029,843, showing a continued upward trend from the 2022 figures. This represents a 9.2% increase from the 2023 average of $985,274. Concurrently, federal interest rates have risen significantly, reaching 5.33% in 2024, up from 5.02% in 2023. Despite these higher interest rates, home prices in this zip code continue to appreciate, suggesting strong demand and resilience in this high-end market.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and average rent prices for zip code 60045 over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $1,250,000 by 2029. Average rent prices are expected to rise at a similar rate, potentially reaching $2,800-$3,000 per month by 2029.
In summary, zip code 60045 in Lake Forest, Illinois, demonstrates a robust and resilient housing market. Despite minor fluctuations in homeownership rates and significant changes in interest rates, average home prices have shown strong growth, particularly in recent years. The rental market has also strengthened, with increasing renter percentages and rising average rent prices. These trends, coupled with the area's stable population and high property values, suggest that zip code 60045 will likely continue to be a desirable and valuable real estate market in the coming years.
