The rental market in zip code 60124 has shown interesting trends as well. The percentage of renters decreased from 10% in 2015 to 8% in 2022. Despite this decline in the renter population, average rent prices have increased significantly, rising from $1,824 in 2015 to $1,834 in 2022. This suggests that while fewer people are renting, those who do are paying higher prices, possibly due to limited rental inventory or increased quality of available rentals.

Looking at the most recent data, average home prices in zip code 60124 continued to rise, reaching $428,895 in 2023 and $452,437 in 2024. This represents a further 9.8% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a robust housing market in the area that has remained strong even in the face of higher borrowing costs.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60124 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project average home prices could reach approximately $525,000 by 2029. For average rent prices, we expect a continued upward trend, potentially reaching around $2,100 per month by 2029, assuming current economic conditions and housing supply dynamics persist.

In summary, zip code 60124 has demonstrated a strong preference for homeownership, with consistently high owner-occupied percentages and rising average home prices. The area has shown resilience to interest rate fluctuations, maintaining high homeownership rates even as rates have increased. The rental market, while smaller, has seen rising prices despite a decreasing renter population. These trends, combined with the recent price growth in 2023 and 2024, suggest a robust and desirable housing market in this Elgin zip code.