Loading Content...
Average Home Values and Ownership in Zip Code 60084: Wauconda's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 60084, located in Wauconda, Illinois, has seen interesting shifts in homeownership rates and housing prices over the past decade. This area has maintained a consistently high rate of homeownership, with a slight increase in recent years, while experiencing significant growth in both average home prices and average rent costs. The homeownership rate in zip code 60084 has remained relatively stable, with a slight upward trend in recent years. In 2013, the homeownership rate was 78%, and by 2022, it had increased to 79%. During this same period, average home prices saw substantial growth. In 2013, the average home price was $184,484, and by 2022, it had risen to $293,727, representing a 59.2% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends in zip code 60084. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 76-78%. As interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates actually increased slightly to 77%. This trend continued into 2020 and 2021, with homeownership reaching 80% despite fluctuations in interest rates. This suggests that other factors, such as local economic conditions or housing market dynamics, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 60084 have shown a slight decrease, moving from 22% in 2013 to 21% in 2022. Despite this small decline in the renter population, average rent prices have increased significantly. In 2013, the average rent was $1,100, and by 2022, it had risen to $1,511, marking a 37.4% increase. This substantial rise in rent prices, coupled with a relatively stable renter population, suggests a strong demand for rental properties in the area, possibly driven by factors such as job market growth or the desirability of the location.
As of 2024, the average home price in zip code 60084 has reached $320,360, continuing the upward trend observed in previous years. This represents a 9.1% increase from the 2022 average price of $293,727. Concurrently, the federal interest rate stands at 5.33% in 2024, which is significantly higher than the rates seen in the early 2020s. Despite this increase in interest rates, the continued rise in home prices suggests a robust housing market in the area.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 60084 are likely to continue their upward trajectory over the next five years. Based on historical trends, average home prices could potentially reach around $370,000 to $400,000 by 2029. Average rent prices may similarly increase, potentially reaching $1,800 to $2,000 per month in the same timeframe.
In summary, zip code 60084 has demonstrated a resilient housing market characterized by high homeownership rates and steadily increasing property values. Despite rising interest rates and significant growth in both home prices and rent costs, the area has maintained a strong preference for homeownership. The continued upward trend in housing prices, coupled with the area's ability to sustain high homeownership rates, suggests a robust and desirable real estate market in this Illinois community.
