Loading Content...
Average Home Values and Ownership in Zip Code 60096: Winthrop Harbor's Lakeside Housing Market 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
Winthrop Harbor, located in zip code 60096 in Illinois, has experienced significant changes in its housing market from 2010 to 2024. This analysis examines the trends in homeownership, average home prices, and average rent prices in the area. The homeownership rate in Winthrop Harbor has shown a notable increase over the years, rising from 75% in 2015 to 86% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2010, the average home price in the area was $155,170, which steadily rose to $239,840 by 2022, representing a 54.6% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Winthrop Harbor follows a well-established trend. From 2010 to 2015, when interest rates were consistently low (ranging from 0.1% to 0.18%), homeownership rates remained relatively stable around 75-77%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed a corresponding increase in homeownership rates, peaking at 86% in 2022. This trend suggests that local residents were motivated to purchase homes before interest rates climbed further, possibly anticipating future rate hikes.
Renter percentages in Winthrop Harbor have shown an inverse relationship to homeownership rates, decreasing from 25% in 2015 to 14% in 2022. Despite this decline in the renter population, average rent prices have generally increased. In 2013, the average rent was $1,157, which rose to $1,214 by 2022, an overall increase of 4.9%. This upward trend in rent prices, despite a shrinking renter population, could be attributed to various factors such as improved rental property quality or broader economic conditions in the area.
Looking at the most recent data for 2023 and 2024, we see a continuation of the upward trend in average home prices. In 2023, the average home price in Winthrop Harbor reached $253,498, and in 2024 it further increased to $268,176. This represents a 5.8% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels observed in the dataset since 1990.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Winthrop Harbor will continue to rise, potentially reaching around $320,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the current market conditions. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,350 by 2029, assuming the current trends in population and housing demand persist.
In summary, Winthrop Harbor has experienced a significant increase in homeownership rates and average home prices from 2010 to 2024. Despite rising interest rates, the local housing market has remained robust, with continued growth in home values. The rental market, while shrinking in terms of population, has seen moderate increases in average rent prices. These trends suggest a strong preference for homeownership in the area, potentially driven by the long-term investment value of property in this zip code.
