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Average Home Values and Ownership in Zip Code 60109: Burlington's Changing Landscape
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
Burlington, located in zip code 60109 in Illinois, is a small community that has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns and potential future developments.
From 2013 to 2022, the homeownership rate in Burlington showed a general decline. In 2013, 76% of housing units were owner-occupied, but by 2022, this figure had dropped to 65%. Concurrently, average home prices in the area saw a substantial increase. From 2016 to 2022, average home prices rose from $184,108 to $262,014, representing a 42.3% increase over six years.
The relationship between federal interest rates and homeownership rates in Burlington appears to follow expected patterns. As interest rates remained low between 2013 and 2020, ranging from 0.09% to 0.38%, homeownership rates remained relatively stable, fluctuating between 71% and 77%. However, as interest rates began to rise in 2022 to 1.68%, homeownership rates dropped to 65%, suggesting that higher borrowing costs may have deterred potential buyers.
Regarding rental trends, the percentage of renter-occupied housing units increased from 20% in 2013 to 35% in 2022. This shift coincided with fluctuations in average rent prices. Average rent prices rose from $1,171 in 2013 to a peak of $1,572 in 2018, before declining to $1,238 in 2022. The increase in the renter population, coupled with the overall decline in total population from 72 in 2013 to 59 in 2022, suggests a changing demographic landscape in the area.
In 2023 and 2024, average home prices in Burlington continued to rise, reaching $275,591 in 2023 and $287,702 in 2024. This represents a 9.8% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in Burlington may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the growing demand for rental properties in the area.
In summary, Burlington has experienced a shift towards a higher proportion of renters, accompanied by rising average home prices and fluctuating rent prices. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the community continues to evolve, these trends will likely shape the future of housing in zip code 60109.
