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Average Home Values and Ownership in Zip Code 60174: A Decade of Change in St. Charles, Illinois
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
St. Charles, Illinois, zip code 60174, is a suburban community west of Chicago that has experienced significant changes in homeownership and property values over the past decade. The area has seen a gradual decrease in owner-occupied housing alongside fluctuations in average home prices and rent costs.
The homeownership rate in St. Charles declined from 73% in 2013 to 68% in 2022. During this same period, average home prices increased substantially, rising from $220,008 in 2013 to $343,508 in 2022, a 56% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have influenced homeownership trends in St. Charles. From 2013 to 2016, interest rates remained very low, around 0.1% to 0.4%, and homeownership rates stayed stable at 73%. However, as interest rates rose from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 68%. This trend aligns with the principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates decreased, the percentage of renters in St. Charles increased from 27% in 2013 to 32% in 2022. Average rent prices showed volatility, starting at $1,375 in 2013, peaking at $1,568 in 2021, and slightly decreasing to $1,439 in 2022. The population of St. Charles remained relatively stable, fluctuating between 30,000 and 31,000 residents throughout this period. The increase in renters, coupled with population stability, suggests a shift in housing preferences or affordability constraints among residents.
In 2023 and 2024, average home prices in St. Charles continued to rise, reaching $360,565 in 2023 and $382,069 in 2024. This represents a significant increase from the 2022 average of $343,508. Concurrently, federal interest rates increased sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Based on historical trends and current market conditions, projections suggest continued growth in average home prices for St. Charles over the next five years. If the current trajectory holds, average home prices could potentially reach or exceed $450,000 by 2029. Average rent prices may also continue to increase, potentially surpassing $1,700 per month within the same timeframe, assuming economic conditions remain favorable and demand for rental properties in the area persists.
In summary, St. Charles has experienced a gradual shift towards renting, with homeownership rates declining as property values have increased significantly. The interplay between federal interest rates, housing affordability, and changing resident preferences has shaped these trends. As the community continues to evolve, it will be crucial to monitor these housing market dynamics and their impact on the local population.
