Loading Content...
Average Home Values and Ownership in Zip Code 60119: Elburn'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 60119, located in Elburn, Illinois, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a strong preference for homeownership, with a notable increase in owner-occupied housing units in recent years.
The ownership percentage in zip code 60119 has seen a steady increase from 87% in 2016 to 92% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2016, the average home price was $275,045, which increased to $390,189 by 2022, representing a 41.9% increase over six years. This positive correlation between homeownership rates and average home prices suggests a growing demand for properties in the area, potentially driven by factors such as local economic growth or improved amenities.
Federal interest rates have played a significant role in homeownership trends. From 2016 to 2020, interest rates fluctuated between 0.4% and 2.16%, which likely contributed to the sustained high levels of homeownership in the area. The low interest rates during this period made mortgages more affordable, encouraging home buying. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in zip code 60119 remained strong at 92%, indicating a resilient local housing market.
The renter percentage in zip code 60119 has inversely mirrored the homeownership trend, decreasing from 13% in 2016 to 8% in 2022. Interestingly, despite the decrease in the renter population, average rent prices have shown volatility. In 2016, the average rent was $1,874, which decreased to $1,480 in 2018 before rising again to $1,948 in 2022. This fluctuation in rent prices, despite a declining renter population, could be attributed to factors such as changes in housing quality, local economic conditions, or limited rental inventory.
As of 2024, the average home price in zip code 60119 has reached $420,643, continuing the upward trend observed in previous years. This represents a 7.8% increase from the 2023 average of $401,838. Notably, the federal interest rate has also risen significantly, reaching 5.33% in 2024, up from 5.02% in 2023. Despite these higher interest rates, the housing market in this zip code appears to remain robust, with home prices continuing to appreciate.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 60119 to continue their upward trajectory over the next five years. Projecting the current growth rate, average home prices could potentially reach around $500,000 by 2029. Average rent prices, which have shown more volatility, may stabilize or see moderate increases, potentially reaching around $2,200 to $2,400 per month in the same timeframe.
In summary, zip code 60119 has demonstrated a strong preference for homeownership, with rates reaching 92% in recent years. This trend has been accompanied by significant appreciation in average home prices, even in the face of rising interest rates. While the renter population has decreased, rent prices have shown volatility, suggesting a complex rental market dynamic. The continued rise in home prices and sustained high homeownership rates indicate a robust and desirable housing market in this area, with potential for further growth in the coming years.
