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Average Home Values and Ownership in Zip Code 60126: Elmhurst's Resilient Housing Market
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
Zip code 60126, located in Elmhurst, Illinois, is a vibrant suburban area covering 11.17 square miles. This zip code has experienced notable trends in homeownership rates, average home prices, and average rent prices over the past decade. The homeownership rate in zip code 60126 has remained relatively stable, with a slight decline from 82% in 2013 to 80% in 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $358,409, which increased to $493,815 by 2022, representing a substantial 37.8% increase over nine years. This trend suggests a strong and growing housing market in the area, despite the minor decrease in homeownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 60126. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained stable at 80-82%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates showed resilience, maintaining at 80-81%. The sudden drop in interest rates to 0.08% in 2021 coincided with a slight increase in homeownership to 81%, demonstrating the typical relationship between lower interest rates and higher homeownership rates.
Renter percentages in zip code 60126 have shown a slight increase from 18% in 2013 to 20% in 2022. This trend has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $1,485, which increased to $1,788 by 2022, representing a 20.4% increase over nine years. The population growth from 46,255 in 2013 to 47,635 in 2022 may have contributed to the increased demand for rental properties, supporting the rise in both renter percentages and average rent prices.
In 2023, the average home price in zip code 60126 reached $503,923, continuing the upward trend observed in previous years. This represents a 2% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $529,213, marking a 5% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 60126 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current market conditions, we project average home prices could reach approximately $600,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $2,100 per month in the same timeframe, driven by population growth and housing demand.
In summary, zip code 60126 demonstrates a robust housing market with steadily increasing average home and rent prices. While homeownership rates have slightly decreased, they remain high at 80%. The area has shown resilience to interest rate fluctuations, maintaining strong property values and rental demand. The recent significant increases in federal interest rates may impact future homeownership trends and price growth rates, but the overall trajectory for both home prices and rents remains positive for the foreseeable future.
